Connect with us

Business

Petrol price to remain unchanged in Pakistan

Published

3 years ago

on

  • 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.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Robust activity lets PSX climb above 115,000 level again.

Published

5 months ago

on

By

On Friday, the Pakistan Stock Exchange (PSX) resumed its upward trend, crossing 115,000 points once more.

The PSX had strong action in the morning session, as the KSE-100 index increased by 1,000 points to 115,138.

The notoriously volatile PSX closed Thursday at 114,037 points, up 594 points.

DOLLAR DEPRECIES

Meanwhile, in the interbank market this morning, the US dollar fell 7 paisas to Rs278.65 against the Pakistani rupee.

Continue Reading

Business

SBP will announce monetary policy on January 27.

Published

5 months ago

on

By

The State Bank of Pakistan (SBP) will release its monetary policy on Monday.

The Monetary Policy Committee (MPC) of the SBP will convene on the first day of the following week to make decisions on monetary policy.

The Monetary Policy decision will be announced by Governor SBP Jameel Ahmad at a news conference on the same day after the MPC meeting, according to an official release.

In December, the central bank reduced policy rates by 200 basis points (bps) to 13 percent.

“In November 2024, headline inflation fell to 4.9 percent year on year, meeting the MPC’s estimates. This decrease was mostly caused by the ongoing decline in food inflation and the phasing out of the impact of the gas tariff increase in November 2023,” SBP stated in an official release.

“However, the Committee noted that core inflation, at 9.7 percent, is proving to be sticky, while consumer and business inflation expectations remain volatile.” To that end, the Committee restated its previous assessment that inflation may remain volatile in the short term before stabilizing within the target range.

“At the same time, growth prospects have slightly improved, as evidenced by a recent increase in high-frequency indicators of economic activity.” Overall, the Committee concluded that its approach of gradual policy rate decreases is keeping inflationary and external account pressures under control while promoting long-term economic growth.

Continue Reading

Business

Finance Minister Meets With World Leaders at World Economic Forum in Davos

Published

5 months ago

on

By

During his attendance at the World Economic Forum in Davos, Switzerland, Finance Minister Muhammad Aurangzeb has met with officials of organisations and leaders of many nations.
Bangladesh’s Chief Advisor, Muhammad Younas, met with Mohammad Aurangzeb.
On the fringes of the World Economic Forum’s Annual Meeting 2025 Opening Banquet, there was an informal meeting.
Additionally, the Finance Minister met with Anwar Ibrahim, the Prime Minister of Malaysia.
Both leaders discussed economic cooperation and bilateral ties.
Muhammad Aurangzeb also had a meeting with Dp World’s Rizwan Soomro and Yuvraj Narayan.
They talked about how to strengthen Pakistan’s logistics and infrastructure systems to support trade.
“The Pakistani government is committed to advancing joint projects and values partnerships in both business-to-business and business-to-government cooperation,” the finance minister added.

Continue Reading

Trending