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Possible price hikes for gasoline and diesel starting on February 16

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Because of the volatility of oil prices worldwide, there is a chance that the price of gasoline and diesel may go up in the near future.

The price of high-speed diesel is now being considered by the government, who raised the price of gasoline by Rs13.55 per liter on February 1.

With effect from February 16, the government has agreed to raise the cost of high-speed diesel by Rs. 8 per liter. In addition, the price of gasoline may have increased by 80 pesos per liter.

The rise in the cost of high-speed diesel is ascribed to variations in worldwide oil prices.

Diesel prices might go up from the current Rs278.96 per litre to Rs286.97 per litre if the government decides to raise them, subject to premium and currency rate changes.

High-speed diesel, which is widely utilized in the transportation and agricultural industries, might have a negative impact on the general populace because of inflationary pressures brought on by price hikes.

The premium that Pakistan State Oil (PSO) charged for gasoline was lowered to $9.43 per barrel from $9.47 during the previous fifteen days, while the premium for high-speed diesel was increased to $6.50 per barrel.

For gasoline, the expected exchange rate adjustment is 50 paise, and for high-speed diesel, it is Rs 1.70 per liter.

Due to a slight rise of 62 paise per litre, the government may decide to keep the price of furnace oil at Rs186.62 a litre.

However, the price of light diesel oil (LDO) might increase by Rs2.50 per liter to Rs169.62 per liter from the present price of Rs166.86 per liter. Industry is the main use for it.

In isolated places like the nation’s northern regions, where liquefied petroleum gas is unavailable for cooking, furnace oil is utilized.

The computation is based on the current rates of general sales tax and petroleum levy for the fifteen-day period beginning in February.

The suggested gasoline prices for the first half of February have not yet been put into effect by the Oil and Gas Regulatory Authority.

The pricing of petroleum products is determined by the authorities taking into account monthly tax objectives, fuel consumption projections, and PSO fuel supply costs.

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Karachi’s street crimes see an 11% increase in 2023: HRCP

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Details indicate that the HRCP voiced concerns about the rising incidence of street crimes in Karachi in its most recent report.

According to the research, Karachi had an 11% increase in street crimes in 2023—from 80,000 in 2022 to over 90,000 in 2023.

In 2023, 134 persons lost their lives while fending off robberies and other events, according to the HRCP report, while hundreds more were hurt.

The research also claimed that 2,336 cars and almost 59,000 motorcycles were stolen from individuals in 2023.

The HRCP highlighted worries about the province of Sindh’s general status of law and order as well. It was reported that 3,296 police encounters occurred last year—the largest number of encounters in a single year in Sindh.

As a result of the recent spike in street crime incidences in Karachi, the Inspector General of Police (IGP) has established a specialized squad and launched a targeted operation to combat the city’s criminal population.

The top police officers in the city conducted a high-level meeting under the direction of Inspector General of Police (IGP) Sindh, Ghulam Nabi Memon.

A team of 67 Karachi police officers—60 of whom will be sent from other districts—as well as seven elite SIU members were given the strategic task of managing the most critical cases by IGP Memon at the meeting.

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Petrol prices are likely to drop significantly beginning May 16.

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According to sources, the government is set to decrease petrol prices by Rs 14 per litre and diesel prices by Rs 10 on May 16 for the next fortnight’s revision.

Last month, the government reduced the price of fuel and high-speed diesel by Rs5.45 and Rs8.42 per fortnight, respectively.

The current fuel price is Rs288.49 per litre, while the HSD price is Rs281.96.

Meanwhile, oil prices fell further on Monday, as signs of sluggish fuel consumption and comments from U.S. Federal Reserve officials dimmed optimism for interest rate reduction, which may slow growth and reduce fuel demand in the world’s largest economy.

Brent crude prices down 25 cents, or 0.3%, to $82.54 a barrel, while US West Texas Intermediate crude futures fell 19 cents, or 0.2%, to $78.07 per barrel.

Oil prices also declined on signals of poor demand, according to ANZ analysts, as gasoline and distillate inventories in the United States increased in the week before the start of the driving season.

Refiners throughout the world are dealing with falling diesel profitability as new refineries increase supply and warm weather in the northern hemisphere and weak economic activity reduce demand.

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IHC suspends the naan and roti price reduction notification.

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The head of the Naanbai Welfare Association petitioned IHC Justice Tariq Mahmood Jahangiri.

In their petition, the Naanbai Welfare Association said that the controller general reduced the price of roti from Rs25 to Rs16 and naan from Rs30 to Rs20.

The association claimed that the relevant authorities did not consult them before making the decision. He informed the court that the decision was made without their input and that the new pricing were too low.

The district administration official informed the court that the controller of general pricing and suppliers was given the authority to determine the prices of necessary commodities such as naan and roti.

Following a legislative modification, the functions were delegated to the controller general.

Barrister Umar Aijaz Gilani, the lawyer for the Naanbai Association, argued that the controller general’s powers were not governed by Section 3 as stated in the notification.

He noted that rent and grain prices are high in Islamabad. The court queried the Islamabad district government, which was the association, about the pricing of flour before lowering the costs. “Order was passed justice to make people happy.”

Later, the court ordered a detailed answer in the matter and stayed the notification of lowering the prices of naan and roti in Islamabad until May 6.

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