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Petrol Prices

SC directs govt to evolve petrol pricing mechanism

ISLAMABAD: The Supreme Court of Pakistan on Sunday directed the federal authorities to devise a framework governing the prices of petroleum products.   A bench of the apex court, headed by Chief Justice Mian Saqib Nisar, was hearing a case pertaining to an unjustified increase in the prices of petroleum products. It summoned the complete record of the appointment of Pakistan State Oil’s (PSO) managing director. The chief justice said the prices of petroleum products were reduced because of the Supreme Court’s…

Caretaker minister announces reduction in petroleum prices

ISLAMABAD: Caretaker Federal Minister for Energy Syed Ali Zafar on Saturday said that the government has decided to reduce petroleum prices in order to provide relief to the general public, ARY News reported. According to a statement issued by the press information department, the minister said that the federal cabinet has decided that sales tax rates would be reduced from 17% to 12% for Motor spirit and Kerosene Oil, from 31% to 24% on High Speed Diesel and from 17% to 9% on Light Diesel Oil. "The caretaker…

Petrol price hike by Rs14/liter – Brings Rs100bn profit to government in July

ISLAMABAD: The caretaker government has increased the petrol prices on Sunday by Rs14/liter which will result in almost Rs100 billion profit to government in the month of July 2018. In the past, price hike for petrol and related products was usually around Rs2 to Rs5. However, interim government's decision to rise petrol prices by Rs5 to Rs14 per liter is a threat to people due to economic burden and instability. It was expected that the caretaker government will maintain the prices in order to provide reprieve to the…

Caretaker govt increases prices of petroleum products for month of July

ISLAMABAD: The caretaker government on Sunday announced an increase in the prices of petroleum products for the month of July, ARY News reported. The price of petrol has been increased by Rs7.54, climbing to Rs99.5, and that of kerosene by Rs3.36 per litre, climbing to Rs87.7, according to a statement issued by the finance ministry. Moreover, the price of High-Speed Diesel (HSD) has been jacked up by Rs14 per litre to reach Rs119.31. It is pertinent to note here that Oil and Gas Regulatory Authority (OGRA) too had…

Petrol prices to go up by over Rs 3 from May 1st

ISLAMABAD: The government has decided to increase the prices of high-speed diesel (HSD) and petrol by more than Rs 5 and Rs 3 per litre respectively for the next month following hike in global oil prices, effective from May 1st. International market rates are expected to see a rise in oil prices. Local markets expected to up the petrol and diesel prices by five percent. OGRA has forwarded a summary of the recommended hike in the prices to the petroleum ministry for approval. According to reports, petrol prices will see…

Ogra recommends Rs 5 cut in petrol prices

ISLAMABAD: Oil & Gas Regulatory Authority (OGRA) has submitted a summary to the petroleum division recommending that the petrol prices should be decreased by at least Rs 5 per liter starting from April 1st. According to Ogra sources, the gas regulatory authority has forwarded a summary to the petroleum division suggesting a cut of at least five rupees in the oil prices. The summary also refers to other petroleum products whose prices should be raised under monthly readjustment formula. It is recommended that the…

Fuel prices likely to increase by Rs10 for January

KARACHI: In apparent backlash of the falling value of Pakistani rupee against the US dollar in local market and an increase of crude oil prices in the international market, the Oil and Gas Regulatory Authority (OGRA) is expected to raise the petroleum products prices by Rs10 for January, sources informed ARY News on Wednesday. As possible repercussions of Pakistani rupee’s falling value on the economy, the regulatory body has suggested a rise in petroleum products’ prices to the federal government. According to…

Govt increases petrol prices by Rs1.48 per litre for December

ISLAMABAD: The federal government has revised prices of all petroleum products upward for the month of December in an announcement on Friday. The prices were increased on recommendation of OGRA. The petroleum ministry has enhanced the price of light diesel oil (LDO) by Rs3.12 per litre and that of kerosene oil by Rs4.39 per litre. The price of high-speed diesel (HSD) has been hiked by Rs1.36 per litre and petrol by Rs1.48 per litre, the government announced. The new price of HSD has now been fixed at Rs85.95 per…

Fuel prices hike challenged in court

LAHORE: The recent increase in petroleum product prices has been challenged in the Lahore High Court (LHC), ARY News reported on Wednesday. A petition has been filed by Advocate Azhar Siddique, adopting a stance that the hike in petroleum product prices was unlawful. The increase is an added burden for the people, petitioner said seeking the court order against the upward revision in petroleum product prices. It is apropos to highlight here that the federal government has revised prices of all petroleum products…

OGRA recommends hike in prices of petroleum products for Oct

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Friday in a summary recommended the government to increase the prices of Motor Gasoline (Petrol) by Rs2.36 per litre and High Speed Diesel (HSD) by Rs2.20 with effect from 1st October. The regulatory body has also recommended an increase of Rs19.33 per litre in Kerosene oil prices. In case the government approves the OGRA recommendation about the increase in prices of various petroleum products, petrol price will go up from 72.8 to Rs75.16 per liter and diesel…