Business

Petrol price update: POL rates likely to go down from May 16

Published

2 years ago

Farwa

Petrol price likely to go down by Rs17 per litre.
Govt may slash diesel price by Rs27 per litre.
Sources say global oil prices are weakening.

KARACHI: The price of petroleum products is expected to go down by up to Rs27 per litre effective from May 16 following the weakening of global oil prices, Geo News reported Monday citing industry sources.

According to estimates of oil marketing companies (OMCs), the price of diesel is likely to drop by Rs27 per litre while the price of petrol is expected to go down by Rs17 per litre.

In its last fortnight bulletin, the federal government slashed the price of diesel by Rs5 per litre while kept the price of petrol unchanged.

In a televised address, Finance Minister Ishaq Dar said the prices had been worked out to provide “maximum relief” to the masses on the instructions of Prime Minister Shehbaz Sharif.

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

The financial czar had also announced Rs10 per litre reduction in the prices of Kerosene oil and Light Diesel Oil (LDO) each.

Following the notification, petrol was available at Rs282, HSD Rs288, kerosene oil Rs176.07 and light diesel oil Rs164.68 per litre.

The prices came into effect on May 1 and will remain in place till midnight today (May 15).

The Finance Division will announce the new rates today which will remain in place for the next 15 days.

Business

E&P Companies Will Invest $5 Billion in Pakistan’s Petroleum Industry

Published

2 days 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

2 days 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.