Connect with us

Business

Price of petrol, diesel may increase by Rs32 per litre from Feb 16

Published

2 years ago

on

  • US dollar exchange rate stands at 271.82 for next fortnight.
  • Mogas price would likely go up by 12.8% per litre.
  • Price of diesel could rise by 12.5%.

ISLAMABAD: In yet another hike, the prices of petroleum products may increase by over Rs32/litre from February 16 (tomorrow) owing to the US dollar exchange rate, The News reported. 

Petroleum, oil and lubricants prices closed at Rs236.40 per dollar which currently stands at 271.82 for the next fortnight. However, the free-on-board Platt prices saw a decline as compared to last fortnight’s pricing.

As per the official and industrial sources, the Mogas price would likely go up by 12.8% per litre or by Rs32.07 to stand at Rs281.87 from Rs249.8 per litre. 

Similarly, the price of diesel could rise by 12.5% or by Rs32.84 to stand at Rs295.64 from Rs262.8 per litre previously.

Kerosene oil price was forecast to increase 14.8% or by Rs28.05 to stand at Rs217.88 per litre, while light diesel oil (LDO) could go up 5.3% or by Rs9.90 to stand at Rs196.90 from Rs187 per litre set in the last review.

The above prices have been assumed based on the current government taxes and estimated Pakistan State Oil (PSO) incidentals. The government might adjust the exchange rate at over Rs251 with an increase of Rs15 per litre for both products of Mogas and diesel. The petroleum levy for diesel which stands at Rs40 could increase by Rs10 to Rs50 from February 16.

The government had earmarked the target to get a revenue of Rs850 billion by imposing a petroleum levy on petroleum, oil and lubricants, but the shortfall in this head has been estimated at Rs250 billion, and the authorities have pinned hopes on getting a revenue of Rs600 billion.

The government had carried out a massive increase of Rs35 per litre from February 1, 2023, till February 15.

Currently, the government is charging Rs50 per litre petroleum levy, whereas the general sales tax (GST) has not been imposed yet.

The official said that the exchange rate losses to the refineries and oil marketing companies (OMCs) would be done away with in a staggered manner later on as the government right now does not want to pass the full exchange rate on to the consumers.

The last increase in prices of petroleum products was made in the review on January 29, 2021, by the federal government.

Pakistan is currently facing a short supply of petrol, with its most populous province, Punjab bearing the brunt of the crisis, which was being blamed on petroleum dealers.

It has also been alleged that hoarders were holding onto petrol stocks in anticipation of a price hike scheduled on February 15 (today).

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

SIFC Promotes International Honey Trade: Malaysia Becomes an Export Destination for KP 60,000 Honey Farms

Published

2 days ago

on

By

The successful arrival of Khyber Pakhtunkhwa’s first batch of SIDR honey in Malaysia is a major turning point for Pakistan’s honey sector.

The special investment facilitation council is helping to raise the profile of Pakistan’s agricultural exports internationally.

The Ministry of Commerce is dedicated to increasing Pakistan’s honey exports internationally, and the Pakistani high commission in Kuala Lumpur has been instrumental in fostering collaborations between Malaysian and Pakistani companies.

Continue Reading

Business

The KSE-100 is getting closer to the 100,000 level thanks to bullish momentum.

Published

2 days ago

on

By

At 98,164.24 points, the benchmark KSE-100 Index is just 1,800 points away from the much-anticipated 100,000 level and is approaching a historic milestone.

Favorable macroeconomic indicators and high investor confidence have propelled the index’s bullish momentum as of 9:47 a.m. today.

The KSE-100 had a significant increase of 469.84 points, or 0.48%, on Friday, closing at 97,798.23 points. Market optimism was indicated by the index’s quick spike to an intraday high of 99,623.03 points.

Analysts have increased their estimates, predicting that by the end of 2025, the KSE-100 might rise to 120,000. Continued improvements in macroeconomic conditions, such as declining bond yields, are anticipated to be the main drivers of this spike since they are bringing more liquidity to the equities market.

Following the drop in bond yields, mutual funds have made about $132 million in investments in Pakistani stocks since January 2024. This influx of funds is considered a favorable indicator of investor sentiment.

The market has also risen as a result of the State Bank of Pakistan’s decision to reduce interest rates by a total of 700 basis points, from 22% in May 2024 to 15% now.

The All-Share Index, which measures the overall market, also showed robust gains. With a net increase of 280.51 points, or 0.44%, it was at 62,376.87 points. Expectations of additional growth in the equity market are being bolstered by this encouraging trend.

Continue Reading

Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

Published

6 days ago

on

By

The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

Continue Reading

Trending