Business

Did Ogra recommend decreasing petol price?

Published

2 years ago

Farwa

Finance Minister Ishaq Dar on Tuesday rejected reports circulating that the Oil and Gas Regulatory Authority (OGRA) had recommended a decrease in the prices of petrol for the first fortnight of the current month.

Taking to Twitter, the finance minister said: “Some reports have been circulating in the press and electronic media stating that OGRA made a recommendation to the government for a reduction in the price of Motor Spirit/Petrol with effect from 1st May 2023, which are baseless and untrue.”

Clarification!

Some reports have been circulating in the press and electronic media stating that OGRA made recommendation to the Government for reduction in the price of Motor Spirit/Petrol with effect from Ist May 2023, which are baseless and untrue.
— Ishaq Dar (@MIshaqDar50) May 2, 2023

Meanwhile, OGRA spokesperson Imran Ghaznavi in a brief press statement said the authority did not recommend any decrease in the prices of petrol.

“The recent decrease in international price was offset against the outstanding exchange rate adjustment, and as such, there was no room for a decrease in the local prices of MS/Petrol,” he added.

Petrol price unchanged

The federal government last Sunday announced reducing the price of diesel by Rs5 per litre, however, they kept the price of petrol unchanged for the next fortnight.

Dar said the new prices had been worked out to provide “maximum relief” to the masses on the instructions of Prime Minister Shehbaz Sharif.

The finance czar also announced Rs10 per litre reduction in the prices of Kerosene oil and Light Diesel Oil (LDO) each.

Following the notification of new prices, petrol is now available at Rs282, HSD Rs288, kerosene oil Rs176.07 and light diesel oil Rs164.68 per litre.

Before the announcement of the new petroleum prices, sources in the oil marketing companies (OMCs) had told Geo News that the price of petrol was likely to be declined by Rs4.5 per litre while the price of diesel was expected to go down by Rs6 per litre.

Business

E&P Companies Will Invest $5 Billion in Pakistan’s Petroleum Industry

Published

15 hours ago

Farwa

Over the next three years, local and foreign companies involved in Pakistan’s oil and gas exploration and production sector have shown a strong desire to invest more than $5 billion in the nation’s energy sector.

Recent changes to the Petroleum Policy and the implementation of an exclusive tight gas policy, which provide better incentives and a more investor-friendly regulatory framework, are credited with the increase in investor confidence.

These strategic changes are expected to boost domestic energy production, open up new avenues for growth, and draw large amounts of both domestic and foreign investment.

Business

With inflation slowing, the SBP is anticipated to lower the policy rate for the eighth time in a row.

Published

16 hours ago

Farwa

Businesspeople anticipate another reduction in the policy rate when the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) releases the updated rate.

The interest rate for the upcoming two months will be announced by the central bank. It is still unclear if the rate will stay the same or be lowered to reflect stakeholder expectations.

According to experts, the policy rate will be lowered in order to further boost the nation’s economic sector.

Interest rates may be lowered for the seventh time in a row if the inflation rate declines significantly more than anticipated.

In its last six sessions, the MPC had cut the policy rate by 10 percent. In January 2025, it decreased the rate by one percent to 12pc.

12PC POLICY RATE

In January, the State Bank of Pakistan (SBP) announced cut in key policy rate by 100 basis points (bps) to 12 percent from 13pc in line with expectations of the business community.

The policy rate, which had been at 22 percent since June 2024, was slashed by 1,000 basis points to 12 percent.

The SBP governor said the decision was taken with careful consideration. “Although inflation is expected to decline next month (February), core inflation remains a pressing concern,” he stated.

Ahmed highlighted strong remittance inflows and robust export growth as key factors supporting the current account.