Tag Archives: petroleum products

Petrol Price Once Again To Meet Hike on February 1

Petrol Price Once Again To Meet Hike on February 1


Sumera Saeed | January 30, 2018 | category: News

Petrol Price Once Again To Meet Hike on February 1. The people of Pakistan are once again to bear the increase in the price of petroleum products.

The Oil and Gas Regulatory Authority (OGRA) has recommended an increase in the price of petroleum products. In this regard OGRA has sent summery to the federal government and proposed to increase the Petrol price up to Rs.2.98.

As per the OGRA recommendation the petrol price will increase up to Rs.2.98, Rs.12.74 increase is  suggested in the price of kerosene oil while the High-speed diesel will meet hike in Price o f Rs.10.25.

If the OGRA recommendation for the petrol price hike approved the Prime Minister Shahid Khaqan Abbasi then the new prices will be applicable from 1st February, 2018.

It is worth mentioning here that the government has gifted the nation with New Year gift by increase the petroleum products prices on 1st January, 2018.

On the other hand the petroleum products prices are also going to increase in UAE.   The petroleum prices in the UAE have been raised for February 2018.

Via

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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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OGRA Proposes to Increase Petrol Prices by Up To Rs.10

OGRA Proposes to Increase Petrol Prices by Up To Rs.10


Sumera Saeed | December 27, 2017 | category: News

OGRA Proposes to Increase Petrol Prices by Up To Rs.10. We reported you earlier that the government has a plan to increase the petrol prices in the country with the beginning of the year 2018. And now the Oil and Gas Regulatory Authority (OGRA) has proposed to increase the petroleum products prices by Rs. 10 from January 2018.

The media reports revealed that the petrol price in Pakistan may increase by up to Rs.5.20 per liter in January 2018. The Pakistani rupee has brought down against the US dollar. The price of petrol sees surge in the international market as crude oil has seen $2 price hike per barrel internationally in the month of December.

The new Petrol Prices and other petroleum products will come into effect starting from 1st January 2018, if the federal government approved the OGRA suggestion.

Here is how much increase will be in petroleum products

  • 5.20 per liter in petrol prices
  • 6.00 per liter in light diesel oil (LDO)
  • 4.50 per liter in high-speed diesel (HSD) prices
  • 10.00 per liter in kerosene oil prices

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Change in Dollar Exchange Rate To Raise Prices of All Commodities

Change in Dollar Exchange Rate To Raise Prices of All Commodities


Sumera Saeed | December 12, 2017 | category: Business

Change in Dollar Exchange Rate To Raise Prices of All Commodities. The value of Pakistani rupee against the American dollar has been decreased on the directions of International Monitory Fund (IMF), to give some space to Pakistan to claim some upward trends in its exports, but it has started price hike in the country and it will increase prices of all the commodities.

On Tuesday, the dollar was exchanged at rupees 110.5 in the open market and there are indications that it will go further as the government and especially the State Bank of Pakistan has not taken any preventive measures in last two days to maintain the exchange rate of the rupee against American dollar.

A team of IMF is in Pakistan to negotiate with the Ministry of Finance and other departments for the future strategy and there are confirmed reports, that the IMF had directed Pakistan especially the State Bank of Pakistan to allow the price of rupees to go down against dollar. Even the inter bank rate of US dollar touched to Rs. 107.2 while the open market at some places registered a high of Rs. 110.5.

The exchange rate was higher today even with the reports that State Bank of Pakistan has received dollars 2.5 billion earned through the launch of Sukuk and Euro bonds.
According to market reports, whenever such type of huge transaction was made and Pakistan received dollars, the market is stabalised and even the rupee value strengthened as compared to dollar. However, analysts said that the current account deficit and related factors were building pressure on the economy which resulted in the deterioration in the rupee against the dollar.

Senator Saleem Mandviwala while express his concern on the devalue of rupee against dollar said it will increase the prices of imported items that include petroleum products, import of machinery even being used in the CPEC projects and other house hold products.

He said the increase in the price of petrol will have a negative effect on the national economy which is already suffering due to wrong decisions of the government.

He said there should be competent and full time Ministry of Finance of the country, to look into the financial matters and take timely decisions like the decision to change the exchange rate of the rupee against dollars which is the most important factor in the economic stability of the country.

Leading Eonomist Muzammil Aslam said that the devalue of rupee against American dollar will definitely earlier that an increase in the dollar rate will lead to rise in prices of food items, petrol and other products. He said the only one thing which will be in favour of the government, will be higher number of export value as after the decease in the rupee value, Pakistan can register some more figures in its exports after next quarter.

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OGRA Suggests Increase in Petrol Price

OGRA Suggests Increase in Petrol Price


Sumera Saeed | November 29, 2017 | category: News

OGRA Suggests Increase in Petrol Price. The Oil and Gas Regulatory Authority (OGRA) has suggested increase in petrol price and the price of other petroleum products.

OGRA has recommended the federal government to increase petrol price and other petroleum products, according to sources.

The summery by OGRA has suggested Rs.1.48 increase in petrol price, while kerosene oil has a suggested increase of Rs.15.35, high-speed diesel of Rs.1 and Rs.13.15 increase for light-speed diesel.

The price surge of petroleum products has been suggested after sharp increase in crude oil price, according to an analyst.

Crude oil price has surged piercingly over the market assumption that the OPEC members meeting schedule for 30th November to meet in Vienna is possibly cut the daily oil supplies.

If the federal government approves the OGRA summery on the increase of petrol price and other petroleum products then the new prices will be applicable from 1st December 2017.

For further updates stay tuned with daytimes.pk

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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