Business
As Pakistan announces its daily fuel pricing, the price of petrol has increased by Rs5.44, while diesel has increased by Rs31.50.
In the current fuel price revision, Pakistan has increased the costs of petrol and high-speed diesel. Petrol prices have been hiked by Rs5.44 per litre while diesel prices have seen a far higher increase of Rs31.50 per litre.
The steep jump comes against the backdrop of surging worldwide energy prices with the administration also planning a substantial revamp of the country’s petroleum pricing regime.
The new fuel prices are effective immediately and are in response to increasing pressure from global oil markets where energy prices have increased in recent weeks as regional tensions have built up.
OGRA to release fuel prices on daily basis under new cabinet decision
The decision comes as the federal cabinet authorised a new system under which the Oil and Gas Regulatory Authority (OGRA) would determine petroleum prices on a daily basis instead of the existing periodic pricing method.
Federal Minister for Petroleum Ali Pervaiz Malik announced the decision during a joint press conference with Federal Minister for Information Atta Tarar. Malik said the Prime Minister Shehbaz Sharif and the federal cabinet have decided that OGRA will now determine the prices of petroleum products on a daily basis as per the developments in foreign markets.
Under the new approach, the regulator would determine revised fuel prices on a daily basis and publish them on its official website, enabling domestic prices to more closely reflect changes in world oil markets.
The minister for petroleum indicated that the government had deliberately reduced its participation in establishing fuel prices and that OGRA had assumed increasing responsibility for pricing in line with existing international market circumstances.
“We are once again witnessing rising tensions in the region that are putting a lot of upward pressure on international energy markets,” he said.
But Malik said international prices of diesel had soared from $110 a barrel to $140 a barrel, demonstrating the extent of the growth and the steep increase in global energy costs.
He also thanked the public for their patience during the current economic troubles stating residents have proved to be resilient during a tough time.
OGRA will keep an eye on international market movements, calculate petroleum product prices on a daily basis and inform the public of the revised rates on its website, in one of the biggest changes to Pakistan’s fuel pricing system in recent years, with the new policy now approved by the cabinet.
Pakistan Stock Market began the third day of the business week by getting back the 180,000-point threshold, with the benchmark KSE-100 Index adding almost 1,000 points.
The stock market opened on a strong note with the KSE-100 Index gaining over 1,000 points to hit 180,863 points.
The development came a day after the benchmark index ended lower. The KSE-100 Index ended the previous trading session with a fall of 1,463 points to close at 179,846 points.
A Rs25,000 penalty has been proposed for traders who file their income tax returns after September 30 under the proposed easy tax scheme for traders.
According to sources, Prime Minister Shehbaz Sharif will introduce the easy tax scheme for traders and a new income tax return form for the current fiscal year on August 14.
Sources said a special facility has been proposed for traders who submit their income tax returns on time by September 30. Traders who file their returns within the deadline would be exempted from the registration fee for the easy tax scheme.
According to sources, a Rs25,000 registration fee and a Rs25,000 penalty have been proposed for traders who file their returns after September 30. Traders who submit their returns on time would also be provided with a registration plate worth Rs25,000.
Under the proposed scheme, separate income tax return forms are also proposed for business individuals and individual taxpayers.
Sources said the new form for income tax returns for the current fiscal year will be launched on August 14, with the aim of making the process of filing tax returns easier for traders.
It is pertinent to note that the details regarding the proposed penalties and incentives have been described as proposals from sources, while the final rules will take effect after the relevant government notification is issued.
Pakistan has announced new gasoline rates, in which petrol price has decreased by Rs 1.70 per litre while high speed diesel (HSD) price has increased by Rs 1.39 per litre.
The Petroleum Division said in a news release Tuesday that the new revised rates will come into effect from August 12, 2026. The amendments were introduced by the Oil and Gas Regulatory Authority (OGRA) under the revamped petroleum price structure of the federal government.
The price of motor spirit, widely known as petrol, has been decreased from Rs327.62 to Rs325.92 a litre, a reduction of Rs1.70.
In contrast, the high-speed diesel price has been hiked by Rs1.39 to Rs382.25 a litre from Rs380.86.
OGRA has amended the ex-depot prices of petroleum products in line with the revised pricing structure given by the federal government, the Petroleum Division said.
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