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Petrol price to remain unchanged in Pakistan

Published

3 years ago

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  • Finance Division says decision taken in line with PM Imran Khan’s last fortnightly review.
  • Decision would mean that the government will bear the additional burden of Rs30 billion for the fortnight.
  • Last month, Prime Minister Imran Khan announced slashing the petrol and diesel price by Rs10 per litre.

In line with Prime Minister Imran Khan’s decision, the Finance Division announced in its fortnightly review that petrol prices would remain unchanged throughout the country. 

“In line with the decision of the prime minister in the last fortnightly review, the petroleum product prices to remain unchanged despite abnormal price increase in the international market,” said a statement issued by the Finance Division.

The statement added that decision would mean that the government will bear the additional burden of Rs30 billion for the fortnight (March 16-31, 2022).

ProductNew Prices w.e.f. 16-03-2022New Prices w.e.f. 01-04-2022 Increase / (-) Decrease 
MS (Petrol) 149.86149.860
High Speed Diesel (HSD) 144.15 144.150
Kerosene (SKO) 125.56125.560
Light Diesel Oil 118.31 118.310

Last month, Prime Minister Imran Khan announced slashing the petrol and diesel price by Rs10 per litre.

At the outset of his speech, PM Imran Khan had announced that everybody was of the view that increasing commodity and oil prices were a temporary phenomenon; however, in line with the ongoing situation in Ukraine, the government realised that prices would not fall in the international market.

Criticising the Opposition for hurling unnecessary allegations at the PTI-led government, the PM had asked them to come forward with solutions to address the petrol issue.

PM Imran Khan further had said that since Pakistan imports petrol, if the prices increase in the international market, there is nothing the government could do.

Sharing details of petrol prices in other countries, the premier had said that “in Pakistan, the price of petrol is still the lowest in the world.”

Among 190 countries, Pakistan stands at number 25 in terms of lowest petrol and diesel prices,” he had said.

The premier had further added that in Pakistan, the price of petrol is Rs160 per litre, while the price of petrol in India is Rs260, Rs185 in Bangladesh and Rs 200 in Turkey.

“If the government stops providing subsidies worth Rs70 billion, every worth then the price of petrol in Pakistan would have been Rs220 per litre,” he had said.

The premier further said that he received a summary from the Oil and Regulatory Authority (OGRA) to increase charges by Rs10 per litre keeping in view the price hike in the international market.

“In order to provide relief to the people, I want to announce that instead of increasing the price of petrol and diesel we are reducing it by Rs10 per litre,” he had said.

The premier had further announced that the prices would not be increased until the next budget, which is scheduled in June.

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In interbank trade, the Pakistani rupee beats the US dollar.

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5 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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6 days ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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Business

The inflation rate in Pakistan dropped to its lowest level.

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6 days ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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