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Govt reduces fuel price by Rs4, diesel by Rs2 per litre

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The federal government has cut rates of petrol and high-speed diesel (HSD) by Rs4 and Rs2 per litre respectively for the week ending June 19, a notification issued by the Petroleum Division on Friday said.

The new fuel prices will be effective from 12.01 am on June 13.

The price of petrol has been reduced from Rs377.78 to Rs373.78 a litre and that of high-speed diesel from Rs380.78 to Rs378.78 a litre after the drop.

The government has also published an official announcement regarding the new petroleum rates.

Last week the petrol prices were cut by Rs4 per litre while the HSD price was kept fixed.

Pakistan has been undertaking weekly reviews of petroleum pricing due to volatility in global energy markets following escalation of hostilities in the Middle East.

Tensions over Iran are raising fears that global oil supplies could be affected, particularly after disruptions to the Strait of Hormuz, a critical shipping channel for over a quarter of the world’s oil and gas supply in peacetime.

Petrol is mostly utilised by motorists, motorcyclists and rickshaw drivers, hence its price is a crucial issue in the everyday expenses of middle- and lower-income people.

High speed diesel is commonly utilised in transport & agricultural industries in trucks, buses, trains, tractors, tube wells & threshers.

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Mango exports from Pakistan decline as the effects of the Middle East conflict persist

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economy that relies heavily on agriculture but is in the middle of the Middle East crisis, which its government has assisted in resolving.

This week, Pakistan announced an initial agreement between the warring parties, but it is too late for Sindh’s mango season, which started in June.

Due to declining demand in important countries, such as the Gulf, and skyrocketing shipping costs, mango dealers told AFP they anticipate a minimum 30% decline in export sales this year.

In addition to the financial hardship, local households are delaying purchasing the fruit due to a jump in inflation brought on by the regional crisis, which is lowering domestic sales.

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Jet fuel costs plummeted following cuts to petrol and diesel

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Following large reductions in the price of petrol and diesel, the government has lowered the price of jet fuel, which has raised anticipation for cheaper airfares.

Jet fuel is now priced at Rs238.87 per litre after a price reduction of Rs56.97 per litre, according to reports.

According to sources, a drop in jet fuel prices could result in lower airfares, which would benefit travellers.

This comes one day after the government announced significant price reductions for petrol and diesel, lowering them by Rs74.28 and Rs67.31 per litre, respectively.

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Today, the National Assembly officially starts the budget approval process.

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Today, Sunday, the National Assembly is set to formally begin the process of approving the government budget for the next fiscal year.

The National Assembly will hear 135 grant requests totalling more than PKR 104.14 trillion from Finance Minister Muhammad Aurangzeb for final clearance.

It is anticipated that 88 of these requests, totalling more than Rs 43.85 trillion, will be approved without any reduction motions. But the opposition is getting ready to use detailed cut motions to contest a sizable chunk of the budget.

Details show that 587 cut motions on 47 proposals totalling more than Rs 60.29 trillion would be submitted by opposition MPs.

During the process, a number of ministries and divisions are also being examined. There are 91 cut motions on 19 demands that the Cabinet Secretariat and its affiliated departments must deal with. There will be 116 cut motions to discuss the six demands of the Energy Division, which total more than Rs 661.26 billion.

The Ministry of Interior would be exposed to 123 reduction motions on four claims totalling more than Rs 74.35 billion, while the Ministry of Finance itself will face 100 cut motions on demands over Rs 42.82 trillion.

Additionally, the opposition will bring 45 cut motions for the Poverty Alleviation Division, which has allocations above Rs 859 billion across three demands.

Over the next few days, the assembly is anticipated to continue the budget approval process amid in-depth discussion, examination, and political contestation.

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