Latest news with #Rs254.63
Express Tribune
30-04-2025
- Business
- Express Tribune
Govt cuts petrol, diesel prices by Rs2 per litre
Listen to article The federal government on Wednesday announced a reduction in petroleum product prices, lowering petrol and diesel rates by Rs2 per litre. A formal notification has been issued by the Ministry of Finance. According to the notification, the price of petrol has been reduced from Rs254.63 to Rs252.63 per litre. Meanwhile, high-speed diesel will now cost Rs256.64 per litre, down from Rs258.64. The new prices will come into effect at midnight and will remain applicable for the next fifteen days as part of the government's regular fortnightly review. The price adjustment follows changes in international oil rates and is aimed at providing relief to consumers amid inflationary pressures.
Business Recorder
30-04-2025
- Business
- Business Recorder
Govt cuts petrol, diesel prices by Rs2 per litre for next fortnight
The federal government has announced a reduction in petroleum prices for the next fortnight, lowering both petrol and high-speed diesel (HSD) by Rs2 per litre, according to a notification from the Finance Division. The new rates, set at Rs252.63 for petrol (down from Rs254.63) and Rs256.64 for high-speed diesel (down from Rs258.64), follow recommendations by the Oil and Gas Regulatory Authority (OGRA). The new prices will come into effect from May 1, 2025. Falling oil prices poised for biggest monthly decline since 2021 Oil prices fell on Wednesday and were set for their largest monthly drop in almost three and a half years after Saudi Arabia signaled a move toward producing more and expanding its market share, while the global trade war eroded the outlook for fuel demand. Brent crude futures were down $1.16, or 1.81%, at $63.09 a barrel by 1:00 p.m. EDT (17:00 GMT). U.S. West Texas Intermediate crude futures dropped $2.38, also 3.94%, to $58.04. So far this month Brent and WTI have lost about 15% and 18% respectively for the biggest percentage falls since November 2021.
Express Tribune
28-04-2025
- Business
- Express Tribune
Will government slash petrol prices this time?
Listen to article Petroleum prices in Pakistan could either fall sharply or remain unchanged on May 1, depending on government decisions, despite a notable decline in global oil markets, according to reports. Brent crude has fallen to $66.60 per barrel, while US West Texas Intermediate (WTI) stands at $62.85. Global crude prices are projected to decline by around 3 per cent this week alone. Historically, falling global oil prices have led to domestic price cuts. However, recent changes in government policy have raised concerns that the public may not fully benefit from the trend. The government now has the authority to adjust the petroleum levy without an upper limit, following two successive increases in recent fortnights. Analysts warn that even if global oil prices continue to slide, domestic fuel prices could remain unchanged if authorities opt to raise the levy again. On April 15, the government kept petrol and diesel prices stable but increased the petroleum levy instead of providing relief to consumers. Petrol currently retails at Rs254.63 per litre, while high-speed diesel is priced at Rs258.64 per litre. Unless there is a shift in policy, consumers may see minimal or no benefit from the ongoing drop in international oil prices.
Express Tribune
15-04-2025
- Business
- Express Tribune
Petrol price to remain unchanged for next 15 days
Listen to article The federal government has decided to maintain current petroleum product prices for the next 15 days, according to a notification issued by the Ministry of Finance on Tuesday. As per the official statement, the price of petrol will remain at Rs254.63 per litre, while high-speed diesel (HSD) will continue to be sold at Rs258.64 per litre. Earlier, during a federal cabinet meeting chaired by Prime Minister Shehbaz Sharif, the cabinet approved an amendment to the Petroleum Products (Petroleum Levy) Ordinance, 1961, on the recommendation of the Petroleum Division. PM Shehbaz noted that although global oil prices have declined, the benefit will not be passed on to consumers. Instead, the government will utilise the savings for development initiatives in Balochistan. He announced that the province's most critical national highway would be upgraded to meet motorway standards and dualised to improve connectivity and infrastructure in the region.
Arab News
29-03-2025
- Business
- Arab News
Pakistan slashes petrol price by Rs1 for next fortnight
ISLAMABAD: The Pakistani government has reduced the price of petrol by Rs1 per liter for the next fortnight, the Finance Division announced late Friday. After the latest revision, a liter of petrol will now cost Rs254.63, while the price of high-speed diesel remains unchanged at Rs258.64, according to a Finance Division notification. 'The Oil and Gas Regulatory Authority has worked out the consumer prices of petroleum products based on the price variations in the international market,' the notification read. Fuel prices in Pakistan are reviewed and adjusted fortnightly. The mechanism ensures that the net impact of changes in import costs is passed on to consumers, helping sustain the country's fuel supply chain. Petrol is mostly used in Pakistan for private transport, small vehicles, rickshaws, and two-wheelers. At the same time, diesel powers heavy vehicles used for transportation of good across the South Asian country.
