Business

Govt keeps petrol price unchanged, reduces diesel rate by Rs5 per litre

Published

2 years ago

Farwa

Light diesel oil’s price is reduced by Rs10 per litre.
Petrol price to remain unchanged for next fortnight.
Ishaq Dar says new prices are effective from May 1.

ISLAMABAD: The federal government on Sunday announced reducing the price of diesel by Rs5 per litre while keeping the price of petrol unchanged for the next fortnight.

In a televised address, Finance Minister Ishaq 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 financial 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 will be available at Rs282, HSD Rs288, kerosene oil Rs176.07 and light diesel oil Rs164.68 per litre.

Petroleum Products Prices
from 01 May to 15 May‘23:

Reductions per litre :
High Speed Diesel Rs 5
SuperKerosene Oil Rs 10
Light Diesel Oil Rs 10
Petrol —No change

New Prices per litre:
Petrol Rs 282
HighSpeed Diesel Rs 288
KeroseneOil Rs 176.07
Light Diesel Rs 164.68
— Ishaq Dar (@MIshaqDar50) April 30, 2023

Diesel is widely used in the transport and agriculture sectors. The reduction in its price could bring inflationary impact down and relief for farmers as the crop-harvesting season has kicked off.

Consumers are already facing high prices, especially the low-income group, who have motorbikes and small cars.

In its last fortnight announcement, the federal government increased the price of petrol by Rs10 and the price of kerosene oil by Rs5.78 “in the wake of the increase in petroleum prices in the international market and exchange rate variations.”

Earlier, sources in oil marketing companies (OMCs) 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

14 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

15 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.