Oil Companies Advisory Council (OCAC) has highlighted severe impact of Pakistani Rupee (PKR) depreciation on the oil industry in a letter sent to the energy ministry and Oil and Gas Regulatory Authority (OGRA).
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OGRA cuts LPG rates for September 2022
ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) on Wednesday reduced the prices of Liquefied Petroleum Gas (LPG) for the month of September 2022.
The regulatory body notified a price-revision of LPG for September, decreasing the commodity price by Rs75.11 per 11.8-kilogram cylinder.
According to the notification, the authority reduced the locally produced LPG price by Rs6.36 per kilogram.
After the revised price, the LPG cylinder would be sold in the open market at Rs2496.30 in September, which was available at Rs2,571.41 in August.
Whereas, the per Metric Ton (MT) LPG rate has been fixed at Rs211,551.06 for September. The commodity sale price per MT was Rs217,916.22 in August.
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New government keeps petroleum prices unchanged
ISLAMABAD: The new government – formed by leading political parties – on Friday decided to keep the prices of petroleum products unchanged for next fortnight.
The previous PTI government had decided to freeze the price of petrol at Rs150 per liter till June 30, 2022.
Prime Minister Muhammad Shehbaz Sharif has rejected the Oil and Gas Regulatory Authority’s (OGRA) proposal to hike prices of petroleum products in the country.
READ MORE: Pakistan cuts petroleum prices amid Russia-Ukraine War
It was announced by the Prime Minister while addressing an Iftar Dinner at Prime Minister House in Islamabad on Friday tonight.
The previous government on February 28, 2022 decided to reduce the prices of petroleum products despite the high international oil prices in the wake of Russia-Ukraine war.
The finance division had issued the notification to cut the prices of petrol and diesel by Rs10 per liter each from March 01, 2022.
READ MORE: Pakistan raises petrol price to record high at Rs160/liter
According to a statement issued by the finance division, the global prices of petroleum products are tracking the Ukraine-Russia war and resultantly surged to $100 per barrel. “The unprecedented increase is very risky for the domestic fuel prices and inflation,” it added.
The situation leaves very few options for the government, it said, adding that prior to review on February 28, 2022, the government had left more than Rs70 billion per month to keep the prices lower and providing relief to the masses.
READ MORE; Petroleum prices kept unchanged for next fortnight
In the fortnightly review on February 28, 2022, the Oil and Gas Regulatory Authority (OGRA) recommended Rs10 per liter increase in the prices of petroleum products.
According to the statement the new prices of the petroleum products effective from March 01, 2022 are:
The price of petrol slashed by Rs10 to Rs149.86 per liter from Rs159.86.
The rate of high speed diesel has been reduced by Rs10 to Rs144.15 per liter from Rs154.15.
The price of kerosene oil has been brought down by Re1 to Rs125.56 per liter from Rs126.56.
Similarly, the rate of light diesel oil has been slashed by Rs5.66 to Rs118.31 per liter from Rs123.97.
READ MORE: Pakistan’s petrol price rises to record high at Rs147.83
While retaining the prices at current level, Shahbaz Sharif said the government will bear burden of increase in prices of petroleum products itself instead of shifting it to the masses.
He said that the Prime Minister Office will now be working as Pakistan House where officers from across the country will serve.
The prime minister said consultation is underway over formation of federal cabinet and it will soon be fianlized.
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Petrol price increases to new high of Rs145.82 per liter
ISLAMABAD: The government on Thursday night announced an increase of Rs8.03 to Rs145.82 per liter in the price of petrol effective from November 05, 2021.
The government announced increase in prices of all petroleum products.
The price has been increased from previous high of Rs137.79.
Similarly, the price of high speed diesel has been increased by Rs8.14 to Rs142.62 from Rs134.48.
The rate of kerosene oil has been increased by 6.27 per liter to Rs116.53 from Rs110.26. Likewise, the price of light diesel oil has been increased by Rs5.72 per liter to Rs114.07 from Rs108.35.
A notification issued by the Finance Division stated that on November 01, 2021, the prime minister had not agreed with the proposals worked out by the Oil and Gas Regulatory Authority (OGRA) and the finance division directed to maintain the prices as notified on October 16, 2021.
It is pertinent to mention that maintaining the October 16, 2021 petroleum prices had some underlying concerns for cash flow issues due to short recovery of the cost, according to the statement.
It is important to note that in the previous petroleum prices, already a significant relief was provided to the consumers. The government is cognizant of its responsibility to provide maximum relief to the consumers.
“This has dented the petroleum levy budget of Rs152.5 billion during July – September, 2021 as compared to Rs20 billion realized only,” it said.
Foregoing in view, prices of petroleum products have been increased partially as compared to the prices being worked out by the OGRA. If the government had accepted OGRA’s recommendations, the new prices would have been much higher.
Infact, the government has absorbed the bulk of the pressure after making adjustment after making adjustment in the sales tax and petroleum levy. The collection of petroleum levy is far short of its fixed target for the first quarter of the fiscal year 2021/2022, it added.
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Petrol price goes up to record high at Rs137.79/liter
ISLAMABAD: The government on Saturday increased the price of petrol to a record high at Rs137.79 per liter. The government announced to increase prices of all petroleum products with effect from October 15, 2021.
The price of petrol has been increased by Rs10.49 to Rs137.79 from Rs127.30 per liter. The price of High Speed Diesel (HSD) has been increased by Rs12.44 to Rs134.48 from Rs122.04 per liter. The price of kerosene oil has been enhanced by Rs10.95 to Rs110.26 from Rs99.31 per liter. Similarly, the price of light diesel oil has been increased by Rs8.48 to Rs108.35 from Rs99.51 per liter.
A notification issued by the Finance Division said at present, oil prices have risen around $85 a barrel, which is the highest since October 2018.
Importantly, entire energy chain prices have witnessed a strong surge in the past couple of months due to higher demand for energy inputs and supply bottlenecks.
In the current scenario, the government has absorbed the pressure and provided maximum relief to the consumers by keeping petroleum levy and sales tax to a minimum level. Therefore, prices worked out by OGRA have been approved, according to the statement.
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POL prices increased for next fortnight; per liter petrol up by Rs5.4 to Rs118.09
ISLAMABAD: The government on Thursday announced increase in petroleum prices to be implemented midnight with effect from July 16, 2021 for next fortnight.
The government announced an increase of Rs5.4 to Rs118.09 in price of petrol from Rs112.69.
Likewise, the prices of high speed diesel increased by Rs2.54 per liter, from Rs113.99 to Rs116.53; kerosene oil by Rs1.39 per liter, from Rs85.75 to Rs87.14 whereas the price of light diesel oil increased by Rs1.27, from Rs83.40 per liter to Rs84.67 per liter.
The Oil and Gas Regulatory Authority (OGRA) had recommended Rs11.50 increase in per liter petrol, however the Prime Minister, considering to provide maximum relief to the public allowed only Rs5.4 liter increase, said a press statement issued by the Finance Ministry here.
In this way, the government observed Rs6.10 price hike in the commodity, it added. “The government has been providing maximum relief to the consumers by reducing the price of the petroleum products since April 2021,” it added.
The statement said that although the international oil prices have been on rise, the government took the decision not to pass on the entire burden of increase to the consumers.
The rates of sales tax and petroleum levy have been adjusted in a manner that maximum relief is provided to the consumers.
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Ogra imposes penalty of Rs10 million on Hascol Petroleum
The Oil and Gas Regulatory Authority (OGRA) has imposed a penalty of Rs10 million on Hascol Petroleum Limited and suspended its marketing license for Khyber Pakhtunkhwa. The regulatory action, communicated to Hascol on October 20, 2020, was disclosed by the company in a notification to the Pakistan Stock Exchange (PSX) on Thursday.
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FIRs lodged against two OMCs for black marketing
ISLAMABAD: Authorities on Tuesday initiated legal action against Oil Marketing Companies (OMCs) for indulgence in hoarding of petroleum products (POL) and creating artificial shortage.
At least two FIRs have been lodged against OMCs including Hascol Petroleum Limited and Gas & Oil Pakistan Limited for their involvement in black marketing of petroleum products.
A team of ministry of energy (petroleum division) inspected various OMCs terminal at Kaemari Karachi on Tuesday. The team observed hoarding / black marketing by the OMCs.
Sources said that the FIRs had been lodged against the Chief Executive Officers (CEOs) of the OMCs.
In latest development the Oil and Gas Regulatory Authority (OGRA) decided to undertake inspection of all oil depots in the country from Wednesday i.e. June 10, 2020.
There are 22 oil depots in the country. Around 22 teams of OGRA and HDIP will inspect the depots.
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OMCs must have 21 days stock of POL products, federal cabinet decides
ISLAMABAD: Authorities to enforce license condition that Oil Marketing Companies (OMCs) must have 21 days stock in order to ensure availability of petroleum products.
Prime Minister Imran khan chaired the meeting of the federal cabinet held on Tuesday. The prime minister directed the Minister of Petroleum and Oil and Gas Regulatory Authority (OGRA) to ensure that every OMC maintains 21 days stock to meet its license conditions.
The cabinet took serious note of the artificial shortage of petrol in the country. The Prime Minister directed that maximum punitive action must be taken against all those responsible for this.
The following specific directions were given:
a. The Cabinet noted that OGRA and Petroleum Division have legal authority to physically enter and inspect oil companies storage facilities. The Cabinet directed Petroleum Ministry to form joint raiding teams comprising of representatives of Petroleum Division, OGRA, FIA and District administrations. The teams shall inspect all petrol depots/storage. They have all authority to enter any site. Anyone found involved in hoarding shall face full force of law, including arrest and forced release of such stores.
b. Any company found not maintaining the mandatory stocks and supply to its outlets, as per their license, shall face punitive actions, including suspension and cancellation of license and heavy fines.
c. The Prime Minister directed that the Petroleum Division and OGRA take all actions necessary to ensure regular supplies within 48-72 hours.
d. Ministry of Energy informed the cabinet that while June 2019 total supplies were 650,000 metric tons while supplies arranged for June 2020 are 850,000 metric tons. The cabinet urged the public not to engage in panic buying. The stocks that are being hoarded will be identified and ensured to be available in the market and action taken against hoarders.
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POL prices increased up to Rs3.10/liter
ISLAMABAD: The government has increased the prices of petroleum products (POL) up to Rs3.10 per liter effective from January 01, 2020.
In a notification issued on Tuesday, the government decided to increase the prices of petroleum products as per recommended by Oil and Gas Regulatory Authority (OGRA).
Following are the new POL prices:
The price of kerosene (SKO) has been increased by Rs3.10 per liter to Rs99.45 to from Rs96.35.
The price of petrol has been increased by Rs2.61 per liter to Rs116.60 from Rs113.99.
The rate of High Speed Diesel (HSD) has been increased by Rs2.25 per liter to Rs127.26 from Rs125.01.
The price of Light Diesel Oil (LDO) has been increased by Rs2.08 to Rs84.51 from Rs82.43.