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Petrol price in Pakistan likely to go down by Rs3-5 from June 16

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1 year ago

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  • Pakistan to announce petrol price for next fortnight today.
  • Price of diesel will likely jump by Rs5 per litre.
  • Kerosene price may witness an increase of Rs2.10 per litre.

KARACHI: The Pakistani government is expected to announce a cut in petrol price today for a second time this month after a decline in the ex-depot price of gasoline, The News reported Thursday.

Well-placed sources in the industry, however, said that the price of diesel would likely jump by Rs5 per litre in today’s fortnight’s review of its price that would go into effect from June 16.

While for petrol, the price would likely go down by Rs3-5 in the fortnight review in case the government kept the exchange rate adjustment at zero.

According to the working of the industry, the ex-depot price of high-speed diesel (HSD) has been estimated to register an increase of Rs3.29 per litre to Rs256.29 per litre from Rs253 per litre.

Well-informed people in the industry said that in the last review of prices, the government had adjusted only Re0.13 on the diesel price. If it is adjusted to Rs3-4 in today’s review, the price may go up by Rs5 per litre.

The calculations showed that the ex-depot price of petrol is declining from Rs1.87 per litre to Rs260.13 per litre from Rs262 per litre. Likewise, the ex-depot price of light-speed diesel may register Rs2.48 to Rs150.16 from Rs147.68 per litre.

The price of kerosene may witness an increase of Rs2.10 to stand at Rs166.17 from Rs164.07 per litre in the next fortnight.

According to the sources, the exchange rate is also showing an upward trend for the next review of prices as it has gone up by Rs0.63/litre to Rs286.69 from Rs286.06/litre against the dollar.

They stated that the working of the industry was provisional, and whether the government would go with the actual difference in the prices of petroleum products or it would adjust the prices, could only be known once the government made its final decision.

When asked about the Russian crude oil import and its impact on the prices of petroleum products in the next fortnight, they stated that it would not have any impact on today’s review of prices as it was recently shipped to Pakistan, and the processing of this crude started on Wednesday.

Refined products from Russian crude oil would reach the market in two weeks. However, they said that even after the supply of these products, the market might not see any substantial impact on the domestic prices because of the low quantity against its consumption in the country.

They noted that even after the arrival of the second cargo on June 20, it would not have any impact on consumer prices until the share of Russian crude oil goes over 30% in total import of crude oil.

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Business

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

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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.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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