Tag Archives: Petroleum Prices

LCCI Rejects POL Price Hike & Logic Given For This Initiative

LCCI Rejects POL Price Hike & Logic Given For This Initiative


admin | January 1, 2018 | category: News

LCCI Rejects POL Price Hike & Logic Given For This Initiative. The Lahore Chamber of Commerce & Industry has expressed dismay over negative response regarding POL prices and feared of dire economic consequences of increase in petroleum product prices.

“The Lahore Chamber of Commerce & Industry rejects POL price hike and logic for this initiative given by the Ministry of Finance”, said the LCCI President Malik Tahir Javaid, Senior Vice President Malik Tahir Javaid and Vice President Zeshan Khalil in a statement on Monday.

“Why comparison just for POL prices, why not in all economic sectors? Exports of India, Bangladesh and Turkey have been crossed $ 268.6 billion, $ 34.14 billion and $ 150.2 billion respectively while Pakistan is running with just around $ 21 billions. Industries in those countries are playing freely and enjoying the status of state-partner while Pakistani industrial sector is struggling for survival”, the LCCI office-bearers said.

They said that another logic has been given for POL price hike that oil prices in international market are soaring. They said it is true that oil prices in the international market are rising but it would be better if government cuts duties, taxes levied on petroleum products and reduces huge non-development expenditures.

The LCCI office-bearers said that the Lahore Chamber of Commerce & Industry well before the time asked the government to avoid increase in POL prices as current economical condition does not allow such measures.

They said that industrial sector would be immediate victim of the hike in POL prices as it is one of the major raw materials of the industries. They said that industrial production and movement of raw materials and trading goods would be more costly and reduce the competitiveness of Pakistani goods in the international market and put the government’s initiatives in reverse for boosting exports.

They said that POL price increase will also add to the complexities of the agriculture sector which is already in a bad state-of-affairs because of water scarcity and various. They said that the increase in petroleum prices would increase the input cost of agriculture production as high speed diesel is being used in tractors, tube-wells, harvesters, thrashers and other agriculture machinery. They said that the cost of thermal generation by private sector to go up. The LCCI office-bearers said that Government is producing huge amount of electricity through thermal means and after increase in petroleum prices, prices of electricity would touch new highs.

They urged the government to withdraw recent huge hike in POL prices to avert huge economic losses and to win the trust of trade, industry and masses otherwise anti government sentiments would rise.

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Govt Set to Give New Year Gift by Soaring Petroleum Prices Upto Rs 13 Per Litre

Govt Set to Give New Year Gift by Soaring Petroleum Prices Upto Rs 13 Per Litre


Sumera Saeed | December 29, 2017 | category: News

Govt set to give new year gift by soaring Petroleum prices upto Rs 13 per litre. The incumbent government is all set to give new year’s costly gift to its masses as prices of petroleum are scheduled to be increased upto Rs. 13.

As final phase of the government’s period is going on and almost five months are left in completing its tenure, it is leaving no stone unturned to impose taxes and soaring prices of essential commodities. According to media reports, the petroleum prices would shoot up till Rs 13 on the eve of new year.

Majority of Pakistanis who belong to lower middle class, own motorcycle as their ride was already annoyed with increase of Petrol prices as during the last two to three months, the price of petrol has had been increased upto Rs 11n per litre so far.
The upward trend started when Petrol was being sold at Rs 68 per litre and now it is being sold at Rs 77. 47 per litre and after increase it will reach to almost Rs 82 per liter. This increase in Petroleum prices would not only affect the majority of motorcyclists but transporters who have increased fares on various long routes, would like to increase fares.
According to details, the fuel prices will go up as high as Rs 13. The authorities have decided to add Rs 4.06 in the per litre value of petrol. The price of high-speed diesel would be increased by Rs 5.83 per litre while there will be at least Rs 12.49 per litre increase in the price of light diesel.
The highest price spike will be seen in the rate of kerosene oil. Rs 13.58 per litre increase is likely to be witnessed in its price.

The formal approval to raise oil prices will be given by the Ministry of Finance after the Oil and Gas Regulatory Authority (OGRA) sends its summary.
The Ministry of Petroleum and Ministry of Finance will seek final approval from Prime Minister Shahid Khaqan Abbasi on petroleum products. It is worth mentioning that the government had hiked prices of petroleum products for the month of December.
During 2017 petrol price was up by 20.5 percent to Rs 77.47 per liter, high speed diesel was up by 18.5 percent to Rs 85.95 per liter, light diesel oil rose 20.25 percent to Rs 57.58 per liter and kerosene oil price was up by 33 percent to Rs 57.58 per liter.

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Petroleum-Prices

OGRA Likely to Decrease Petroleum Prices


Sumera Saeed | May 29, 2017 | category: News

The Oil & Gas Regulatory Authority (OGRA) has a plan to decrease the petroleum prices. In this regard they has outlined a summary and sent the recommendation to Petroleum Ministry.

The outlined summery by regulatory authority has suggested that the petrol price should be decreased by Rs 2.10 per liter, Rs 1.80 per liter reduction in high speed diesel, Rs 1.50 per liter in light speed diesel while the price of Kerosene oil is also likely to drop by Rs 3 per liter.

According to sources the new petroleum prices will be applied from 1st June 2017, after the approval of Ministry of Finance.

OGRA Wants increase in Petroleum Prices Up to Rs13 Per Litre From April 1

OGRA Wants increase in Petroleum Prices Up to Rs13 Per Litre From April 1


Sumera Saeed | March 30, 2017 | category: News

OGRA Wants increase in Petroleum Prices Up to Rs13 Per Litre From April 1

The Oil and Gas Regulatory Authority (Ogra) has Proposed to increase the price of Fuel in the country from 1st April, 2017.  In this regard Ogra has projected to Federal Government today on Thursday to increase the petroleum prices up to Rs13 per litre following fluctuations in global crude prices. Ogra has sent a summery to the Ministry of Petroleum and Natural Resources for increase the Petroleum product prices.

The final decision will be approved on Friday on the increase of Petroleum Prices.

New Prices of Petroleum Products:

Ogra had proposed an increase of Rs.2.28 per litre for petrol, Rs.2.04 for high-speed diesel (HSD), Rs.13 for kerosene oil and Rs.7.75 for light diesel oil (LDO).

After the increase the price of petrol will be of Rs75.28 per litre which is presently at Rs.73 while the price of high speed diesel will go up to Rs.84.04 per litre from the current Rs.82.

On the other hand the kerosene oil will be available at  Rs.57 per litre from the current of Rs.44 and the price of LDO will increase from Rs.44 to Rs.51.75 per litre.

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Now More General Sales Tax on Kerosene & Light Diesel Oil

Now More General Sales Tax on Kerosene & Light Diesel Oil


Sumera Saeed | January 2, 2017 | category: Autos and Vehicles

Now More General Sales Tax on Kerosene & Light Diesel Oil

Government has decided to remove the General Sales Tax (GST) on Kerosene & Light Diesel Oil. In an announcement government said that the GST that applies on all the petroleum based fuel sold in Pakistan will see a revision or complete removal. Government will only remove the GST on Kerosene oil and Light Diesel Oil (LDO) while the 14.5% GST on petrol has been left unchanged.

Government was collecting a 2% and 2.5% tax on kerosene and light diesel oil respectively, which is to waive off.  On the other hand the General Sales Tax on the other petroleum products will remain the same.

Petroleum Prices to Remain Same for January 2017

It is important to mention here that the government was earlier to increase the petroleum products prices up to Rs.7 on the proposal of Oil and Gas Regulatory Authority (OGRA), but later rejected the Ogra summery to remain the prices same for month of January.

Ogra Decides To Increase Petroleum Prices in January 2017

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Petroleum Prices to Remain Same for January 2017

Petroleum Prices to Remain Same for January 2017


Sumera Saeed | December 31, 2016 | category: Autos and Vehicles

Petroleum Prices to Remain Same for January 2017
Yesterday we reported that Ogra decided to increase the petroleum price by Rs.6.93 a litre for January 2017. But today it has been reported by the TV channels that government has rejected the proposal of Orga for the increase in the petrol price and said that the prices will remain the same for the month of January 2017.

Ogra Decides To Increase Petroleum Prices in January 2017

Ogra Proposed To Increase Petroleum Prices as mentioned below:

Ogra has proposed to increase Rs6.93 a litre in kerosene prices, which now stand at Rs50.18 a litre for January 2017.

On the other hand the price of high-speed diesel (HSD) has been raised by Rs3.94, to Rs79.16 a litre.

HSD is the top vending petroleum fuel in the country, as it is used by the large generators and heavy vehicle engines.

On the other hand the price of light diesel oil (LDO) has been increased by Rs3.48, to Rs46.82 a litre. LDO is consumed by the small engines and mills mostly operated in rural areas.

Though, a minimal surge of 31 paise has been intended by Ogra in petrol prices which have been raised to Rs66.58 a litre.

The three main aviation fuels including JP-1, JP-4 and JP-8 got the increase in price ranging between Rs4 and Rs6.

 

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Ogra Decides To Increase Petroleum Prices in January 2017

Ogra Decides To Increase Petroleum Prices in January 2017


Sumera Saeed | December 30, 2016 | category: Autos and Vehicles

Ogra Decides To Increase Petroleum Prices in January 2017

The Oil and Gas Regulatory Authority (Ogra) has decided to raise the petroleum prices in the country by January. Ogra said that the increase in petrol price is due to an uptrend on the global market.

In this regard Ogra has forward the summery to the Ministry of Petroleum, in which they showed that prices of kerosene and diesel were increased the most.

Ogra has made the calculation for the next month on the regular prices of petroleum products and the crude oil during the departing month. According to an official of Ministry of Petroleum, there is a traditional rise in prices of kerosene and the diesel fuels throughout November and December due to increase demands from most countries.

Ogra Proposed To Increase Petroleum Prices as mentioned below:

Ogra has proposed to increase Rs6.93 a litre in kerosene prices, which now stand at Rs50.18 a litre for January 2017.

On the other hand the price of high-speed diesel (HSD) has been raised by Rs3.94, to Rs79.16 a litre.

HSD is the top vending petroleum fuel in the country, as it is used by the large generators and heavy vehicle engines.

On the other hand the price of light diesel oil (LDO) has been increased by Rs3.48, to Rs46.82 a litre. LDO is consumed by the small engines and mills mostly operated in rural areas.

Though, a minimal surge of 31 paise has been intended by Ogra in petrol prices which have been raised to Rs66.58 a litre.

The three main aviation fuels including JP-1, JP-4 and JP-8 got the increase in price ranging between Rs4 and Rs6.

Though, a petroleum ministry official continued that the latest surge in global oil prices was generally due to a contract got by Organisation of Petroleum Exporting Countries (Opec) and some non-Opec members to decrease their production. However the contract is possible to begin from 1st January, 2017, as its impact is already visible.

The price of Opec basket of fourteen crude oils design to around $52 a barrel in December compared to around $43 a month earlier.

Simultaneously, the regular price of US benchmark West Texas Intermediate crude oil was $54 while the Brent crude was $56 a barrel in December.

In the same way, rates of oil fuel also increased in December. Officials guess that petroleum prices would remain to increase in January under the influence of global contract to cut oil production.

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Petroleum Prices to Remain Unchanged in November

Petroleum Prices to Remain Unchanged in November


Sumera Saeed | November 1, 2016 | category: News

Petroleum Prices to Remain Unchanged in November

We earlier reported you that the Government had allowed the import of the high Research Octane Number (Ron) 92. Pakistan State Oil (PSO) to import the Research Octane Number Ron 92 petrol in Pakistan in November 2016. The high quality fuel Ron 92 will be available for use in Pakistan in month of November and the government has decided to remain the petroleum price unchanged.

Prime Minister Nawaz Sharif has rejected the summary of the Oil and Gas Regulatory Authority (OGRA), which suggested raising the oil prices up to 15 % for November. OGRA proposed the petroleum price increase summery over the uptick of petroleum prices in International market.

PM said that the petroleum prices will remain unchanged in November and the government would bear the financial burden of four billion rupees.