Prices of petroleum products slashed
The government on Friday night slashed the prices of the petroleum products for the next 15 days, while the Oil and Gas Regulatory Authority (Ogra) cut the rate of liquefied petroleum gas (LPG) for the month of March, according to separate notifications.
The Finance Division said in a press release that price of high-speed diesel (HSD) was cut by Rs5.31 per litre, motor spirit (petrol) by Rs0.50 per litre, kerosene oil by Rs3.53 and light diesel oil (LDO) by Rs2.47. Separately, Ogra notified a reduction of Rs6.15 per kilogramme in the price of LPG.
"The Oil & Gas Regulatory Authority (OGRA) has reviewed and adjusted consumer prices for petroleum products in view of recent fluctuations in the international oil market," the finance division stated. The prices took effect from midnight Friday and would be effective until February 15.
According to the press release the price of HSD slashed from Rs263.95 to Rs258.64; MS (petrol) went down from Rs256.13 to Rs255.63, superior kerosene oil from Rs171.65 to Rs168.12 and the LDO from Rs155.81 to Rs153.34.
Meanwhile, the rate of a domestic-use LPG cylinder came down by Rs72.57, as per the Ogra notification. The notification said the price of LPG rate for the month of March would be Rs247.82 per kg. Hence, an 11 kgs cylinder would cost Rs2,924.31, down from Rs2,996.88 during February.
LPG, also known as cooking gas or canister gas, is widely used in Pakistan as an alternate fuel primarily for domestic and commercial cooking. Additionally, it serves as an energy source in the automotive sector, industrial applications, and power generation.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
9 hours ago
- Business Recorder
Pakistan Crypto Council reviews progress on digital assets regulatory framework
ISLAMABAD: A follow-up meeting of the Pakistan Crypto Council (PCC) was held Thursday at the Finance Division to review progress on the development of a comprehensive regulatory framework for digital and virtual assets in Pakistan. The session was chaired by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb. The meeting was attended virtually by Bilal bin Saqib, Minister of State/Special Assistant to the Prime Minister on Blockchain and Crypto and Chief Executive Officer of the Pakistan Crypto Council. Other participants included the Governor of the State Bank of Pakistan (SBP); Chairman of the Securities and Exchange Commission of Pakistan (SECP); Secretary, Law & Justice Division; and Secretary, Ministry of Information Technology & Telecommunication. Regulatory framework for digital, virtual assets discussed During the meeting, the Ministry of Law and Justice tabled a draft of the proposed legal framework, developed through close collaboration with members of the Pakistan Crypto Council, key stakeholders, and technical experts. The draft legislation outlines a robust regulatory structure for digital and virtual assets, encompassing governance mechanisms, licensing protocols, and investor protection provisions. Designed in alignment with international best practices and evolving global standards, the proposed framework seeks to position Pakistan as a forward-looking participant in the digital asset ecosystem. Copyright Business Recorder, 2025
Business Recorder
11 hours ago
- Business Recorder
PCC reviews progress on digital assets regulatory framework
ISLAMABAD: A follow-up meeting of the Pakistan Crypto Council (PCC) was held Thursday at the Finance Division to review progress on the development of a comprehensive regulatory framework for digital and virtual assets in Pakistan. The session was chaired by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb. The meeting was attended virtually by Bilal bin Saqib, Minister of State/Special Assistant to the Prime Minister on Blockchain and Crypto and Chief Executive Officer of the Pakistan Crypto Council. Other participants included the Governor of the State Bank of Pakistan (SBP); Chairman of the Securities and Exchange Commission of Pakistan (SECP); Secretary, Law & Justice Division; and Secretary, Ministry of Information Technology & Telecommunication. Regulatory framework for digital, virtual assets discussed During the meeting, the Ministry of Law and Justice tabled a draft of the proposed legal framework, developed through close collaboration with members of the Pakistan Crypto Council, key stakeholders, and technical experts. The draft legislation outlines a robust regulatory structure for digital and virtual assets, encompassing governance mechanisms, licensing protocols, and investor protection provisions. Designed in alignment with international best practices and evolving global standards, the proposed framework seeks to position Pakistan as a forward-looking participant in the digital asset ecosystem. Copyright Business Recorder, 2025
Business Recorder
3 days ago
- Business Recorder
EPA bans substandard fuel
LAHORE: The Environment Protection Authority (EPA) has imposed a province-wide ban on the use of substandard fuel in motor vehicles, declaring that no vehicle on Punjab's roads may operate using petrol or high-speed diesel that does not meet the specifications approved by the Oil and Gas Regulatory Authority (OGRA). In a notification issued by EPA Director General Dr Imran Hamid Sheikh, it was stated that violations of this order will be punishable under Section 17 of the Punjab Environmental Protection Act, 1997. An EPA spokesperson clarified that any petrol or diesel lacking OGRA-approved standards will be deemed substandard. Vehicles running on such fuels will be prohibited from using public roads. Moreover, no petrol pump will be allowed to store or sell fuel that does not comply with OGRA standards. The directive takes immediate effect across Punjab, and inspections at fuel stations are set to begin without delay, according to the DG Environment. 'Strict action will be taken against all retailers and suppliers found dealing in substandard fuel,' Dr Imran warned, adding that enforcement teams will ensure full compliance with the new policy. Copyright Business Recorder, 2025
