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  • Pakistan increases petroleum prices by Rs30 per liter

    Pakistan increases petroleum prices by Rs30 per liter

    ISLAMABAD: Pakistan on Thursday announced a massive increase in prices of all petroleum products by Rs30/- per liter in order to satisfy International Monetary Fund (IMF) for release of $1 billion tranche.

    Finance Minister Miftah Ismail at a press conference announced to increase the prices of petroleum products admitting that there was no way out without removal of subsidy on petroleum products.

    READ MORE: Govt. decides to continue subsidy on petroleum prices

    Ismail said that the government had decided to increase the prices of petrol, high speed diesel and kerosene oil by Rs30/- liter each effective from midnight 12:00 AM on May 27, 2022.

    A day earlier, the IMF refused to continue its talks on bailout package under Extended Fund Facility (EFF) until Pakistan removed the subsidy on fuel and energy.

    READ MORE: Pakistan cuts petroleum prices amid Russia-Ukraine War

    Former PTI government in February 2022 decided to grant subsidy on petroleum products to ease inflationary pressure on masses.

    With the announcement the prices of petroleum products would be: Petrol Rs179.86 per liter; diesel Rs184.15; and kerosene oil Rs156.56.

    READ MORE: New government keeps petroleum prices unchanged

    On February 28, 2022, former Prime Minister Imran Khan announced reduction in prices of petroleum products and freeze the prices till June 30, 2022. This decision came with announce of multi-billion rupees subsidy to keep the fuel prices lower.

    This decision was strongly criticized by the legislators, who are now sitting on the treasury benches. The present government despite strong opposition to the decision to grant of subsidy on the petroleum prices, has no option but to keep the prices unchanged during its tenure of more than a month.

    However, after the refusal of the IMF to continue talks without removal of subsidy, the PML-N led government passed on heavy burden to the masses.

    READ MORE: Pakistan surrenders to IMF, agrees to remove subsidies

  • Govt. decides to continue subsidy on petroleum prices

    Govt. decides to continue subsidy on petroleum prices

    ISLAMABAD: The coalition government led by PML-N has decided to continue the subsidy on prices of petroleum products in order to prevent people from high prices.

    Finance Minister Miftah Ismail on Sunday May 15, 2022 announced to maintain the prices of petroleum products at the same level, which were announced by the previous PTI government.

    READ MORE: Pakistan cuts petroleum prices amid Russia-Ukraine War

    On February 28, 2022, former Prime Minister Imran Khan announced reduction in prices of petroleum products and freeze the prices till June 30, 2022. This decision came with announce of multi-billion rupees subsidy to keep the fuel prices lower.

    This decision was strongly criticized by the legislators, who are now sitting on the treasury benches. The present government despite strong opposition to the decision to grant of subsidy on the petroleum prices, has no option but to keep the prices unchanged during its tenure of more than a month.

    READ MORE: New government keeps petroleum prices unchanged

    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.

    Miftah Ismail on Sunday said despite increasing prices of petroleum products Prime Minister Shehbaz Sharif had decided not to transfer the burden of price hike on masses.

    The decision has been taken at a time when the government is going to discuss loan program under Extended Fund Facility (EFF) with the International Monetary Fund (IMF). Under this program, the government has already agreed to raise the prices of petroleum products by removing subsidies.

    READ MORE: Pakistan surrenders to IMF, agrees to remove subsidies

    The IMF issued the following statement on April 24, 2022:

    “We had very productive meetings with the Finance Minister of Pakistan Miftah Ismail over Pakistan’s economic developments and policies under the Extended Fund Facility (EFF) program.

    “We agreed that prompt action is needed to reverse the unfunded subsidies which have slowed discussions for the 7th review.

    “Based on the constructive discussions with the authorities in Washington, the IMF expects to field a mission to Pakistan in May to resume discussions over policies for completing the 7th EFF review.

    “The authorities have also requested the IMF to extend the EFF arrangement through June 2023 as a signal of their commitment to address existing challenges and achieve the program objectives.”

    READ MORE: Pakistan raises petrol price to record high at Rs160/liter

    Miftah Ismail in its latest statement said: “PTI government has destroyed economy of the country.”

    The Minister said agriculture sector was badly ignored and resultantly Pakistan imported wheat worth of six hundred million dollars last year. He said this year wheat worth of $1.5 billion will have to be imported.

    Miftah Ismail said prices of flour soared up from 35 rupees per kg to 80 rupees per kg in last four years.

    Talking about sugar price, Miftah Ismail said that government is providing cheap sugar and it has directed to further decrease the price of commodity. He also said the government will not import sugar this year.

  • Petrol price reduces to Rs140.82 per liter

    Petrol price reduces to Rs140.82 per liter

    ISLAMABAD: The government on Wednesday decided to reduce the prices of petroleum products for next fortnight considering the fall in international oil prices.

    The government has not passed on the all the benefit of fall in international oil prices as it enhanced sales tax rates. However, the government kept the petroleum levy unchanged. The prices are applicable from December 16, 2021.

    Price on petrol cut by Rs 5 to Rs 140.82/ltr

    Price on diesel cut by Rs 5 to Rs 137.62/ltr

    Petroleum levy on petrol and diesel remained unchanged at Rs 13.62 and Rs 13.14.

    Sales tax on petrol raised from 1.63 per cent to 4.77 per cent. Ssles tax on diesel raises from 7.37 per cent to 9.08 per cent

    FBR hikes sales tax rates on petroleum products
  • Domestic oil sales surge by 18% in 5MFY22

    Domestic oil sales surge by 18% in 5MFY22

    KARACHI: The domestic oil sales have surged by 18 per cent to 9.6 million tons during first five months (July – November) of fiscal year 2021-2022 – 5MFY22 as compared with 8.16 million tons in the corresponding months of the last fiscal year.

    Analysts at Arif Habib Limited said that double digit growth was witnessed in all categories; motor spirit, high speed diesel and furnace oil with off take undergoing a jump to 3.81 million tons, 3.74 million tons and 1.78 million tons (amid higher requirement from furnace oil based power plants), up by 11 per cent, 20 per cent and 29 per cent year on year (YoY) against 3.44 million tons, 3.12 million tons and 1.38 million tons in the same period of the last fiscal year, respectively.

    Total petroleum and lubricant sales clocked-in at 1.75 million tons in November 2021, depicting an increase of 2 per cent YoY while down 12 per cent Month on Month (MoM) on account of significant decline in furnace oil volumes which clocked in at 0.18 million tons, down by 46 per cent MoM compared to 0.33 million tons in October 2021.

    The decline in sales volumes has been attributed to power requirement in winter season which is usually lower compared to summer resulting in slowdown in dispatches and increase in prices of motor spirit (petrol) and high speed diesel.

    On yearly basis, sales volumes witnessed a meager growth of two per cent YoY which was mainly led by sales growth in furnace oil and high speed diesel by three per cent and one per cent YoY, respectively.

    Pakistan’s October oil sales highest after May 2018
  • Petrol price increases to record high at Rs127.30/liter

    Petrol price increases to record high at Rs127.30/liter

    The government on Thursday announced a significant hike in the price of petrol, increasing it by Rs 4 per liter, bringing the cost to an all-time high of Rs 127.30 per liter. This marks the highest petrol price in Pakistan’s history. The new prices, along with adjustments to other petroleum products, will take effect from October 1, 2021.

    (more…)
  • Petrol price increased to all-time high at Rs123.30/liter

    Petrol price increased to all-time high at Rs123.30/liter

    ISLAMABAD: The price of motor spirit (petrol) has been increased to all-time high at Rs123.30 per liter and will take effect from September 16, 2021.

    The Finance Division on Wednesday issued the rates of petroleum products for the next fortnight. The government has increased the prices of all petroleum products for the next 15 days.

    The government has increased the prices owing to fluctuations in petroleum prices in the international market and exchange rate variation.

    Following are the rates of petroleum products, which will take effect from September 16, 2021:

    The rate of petrol has been increased by Rs5 to Rs123.30 per liter from Rs118.30.

    The rate of high-speed diesel has been increased by Rs5.01 to Rs120.04 per liter from Rs115.03.

    The rate of kerosene oil has been increased by Rs5.46 to Rs92.26 per liter from Rs86.80.

    The rate of light diesel oil has been increased by Rs5.92 to Rs90.69 from Rs84.77.

    Prices of all petroleum products reduced
  • Petroleum prices kept unchanged for next fortnight

    Petroleum prices kept unchanged for next fortnight

    The government of Pakistan has decided to keep the prices of petroleum products unchanged during the next fortnight. The decision, made on Monday, entails absorbing a tax loss of approximately Rs2.77 billion.

    (more…)
  • Domestic oil sales fall by 14% on economic slowdown

    Domestic oil sales fall by 14% on economic slowdown

    KARACHI: The domestic oil sales have declined by 14 percent during July – February 2019/2020 due to economic slowdown.

    According to statistics by Oil Companies Advisory Committee (OCAC), the domestic oil sales fell to 11.24 million tons during first eight months of current fiscal year as compared with 13.1 million tons in the corresponding period of the last fiscal year.

    Analysts at Topline Securities said that the lower consumption was largely attributed to economic slowdown.

    The sales of motor spirit (petrol) were flat at 5 million tons during the period under review. However, sales of furnace oil and high speed diesel fell by 33 percent and 14 percent respectively.

    The analysts said that oil sale for Feb 2020 was decline by 26 percent YoY largely driven by a decline in HSD and FO volumes.

    In absolute terms the decline was of 221,000 tons in HSD (-37 percent YoY). The lower consumption is largely attributed to the economic slowdown.

    Ex-FO performance did not fare well as 26 percent YoY and 15 percent MoM decline is expected.

    The slight uptick in FO volumes was witnessed in last month (Jan 2020) at the behest of a significant price decline. Since then FO prices have witnessed a gradual recovery.

    HASCOL remained the top laggard with decline in volumes by 61 percent and 33 percent YoY and MoM, respectively.

    Market share of the company in MS/HSD has declined by 430bps/810bps YoY. Similarly on MoM basis, market share is down by 160bps/250bps.

    APL has gained market share in HSD and MS both by 390bps and 120bps MoM to 13.2 percent and 10.1 percent respectively.

    PSO’s share in MS declined by 2.4 percent to settle at 35.4 percent. SHEL managed to maintain its market share at 11.7 percent mark in MS their main segment.

  • Petroleum prices kept unchanged

    Petroleum prices kept unchanged

    ISLAMABAD: The government has decided to keep the prices of petroleum products unchanged for the month of February 2020.

    A statement said on Friday that the government decided to keep POL prices at the level of prices applied for January 2020.

    For the month of January 2020 the prices were increased as:

    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.

  • Petrol, high speed diesel prices increased for November

    Petrol, high speed diesel prices increased for November

    ISLAMABAD: The government on Thursday increased the prices of petrol and high speed diesel on sales to end consumers.

    The price of motor spirit (petrol) has been increased by Re 1 to Rs114.24 with effective from November 01, 2019 as compared with Rs113.24 applicable during October 2019.

    Similarly prices of high speed diesel increased by 27 paisas to Rs127.41 from Rs127.14.

    However, prices of light diesel oil and kerosene oil have been reduced for the month of November 2019.

    The price of light diesel oil has been reduced by Rs6.56 to Rs85.33 from Rs91.89. Similarly price of kerosene oil has been reduced by Rs2.39 to Rs97.18 from Rs99.57.

    The government has decreased the prices of Kerosene and light diesel oil and slightly readjusted the prices of other petroleum products for the month of November 2019 as per recommendation of the Oil & Gas Regulatory Authority (OGRA), says a statement by the Ministry of Finance.