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Govt slashes petroleum products’ prices by up to Rs30 per litre

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  • Petrol price decreased by Rs12 per litre.
  • Diesel price reduced to Rs258 per litre.
  • Reduction comes after oil price fell in int’l market. 

ISLAMABAD: The Pakistan Democratic Movement (PDM)-led federal government Monday announced decreasing the price of petrol by Rs12 per litre to Rs270 per litre after a fall in the international oil rate.

The rates will come into effect at 12am tonight and remain in place for the next fortnight, Minister for Finance and Revenue Senator Ishaq Dar said during a televised address.

The rates of petroleum products (POL) have been slashed by up to RS30 per litre, as the government “tries to give relief to the masses during every fortnightly review”, the minister said.

ProductExisting prices w.e.f
1.05.2023
New prices
w.e.f
16.05.2023
Decrease
PetrolRs282Rs272Rs12
High-speed dieselRs288Rs258Rs30
KeroseneRs176.07Rs164.07Rs12
Light diesel oilRs164.68Rs152.68Rs12

The finance minister appealed to the transporters to provide “fair” relief to the masses in light of the price reduction as the POL products rate affects a host of other commodities.

The appeal came as the cash-strapped nation faces runaway inflation, which remains at a historic high of 36.4% — the fastest in South Asia, even leaving behind the defaulted nation of Sri Lanka.

“In view of the declining price trend of petroleum products in the international market, Government has decided to reduce the existing prices of petroleum products in order to pass on the benefits […] and provide maximum relief to the masses,” the Finance Division said in a statement later.

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Changes in the US dollar’s value are directly correlated with variations in gold prices.

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The price of 24-karat gold in Pakistan increased by Rs1500 on Thursday, reaching Rs231,000 per tola. This was another jump in the price of gold in the country.

Dealers reported a comparable surge in the price of 10 grams of 24-karat gold, which is currently trading at Rs198,045 after rising by Rs1285. In addition, the cost of ten grams of 22-karat gold increased significantly, trading at Rs 181,541.

These fluctuations are strongly correlated with shifts in the US dollar’s value, demonstrating the tight connection between gold prices and exchange rates. This emphasizes how local gold markets are impacted by variables related to the global economy.

At Rs2,580, the price of 24-karat silver remains steady right now. The price of gold increased significantly on a global scale as well, rising by $14 to $2,214 per ounce.

It’s critical to understand that changes in the worldwide market can have a substantial impact on gold prices in Pakistan throughout the day. The gold rates that are offered are obtained from reliable sources, mostly situated in Karachi and Multan.

It is recommended that individuals seek the advice of nearby gold merchants and jewellers for the most precise and current information regarding gold prices.

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Pakistan pledged to finish building the TAPI gas pipeline.

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The minister discussed the importance of the TAPI gas pipeline project for Pakistan’s energy needs during a meeting with Turkmenistan’s ambassador to Pakistan, Atadjan Movlamov.

The Minister was congratulated by Ambassador Movlamov on taking office and his commitment to the project was noted.

Dr. Musadik Malik thanked the ambassador for his kind words, acknowledged the support, and promised to maintain the two nations’ friendship. The intergovernmental commission and working group meetings for the project this year were briefed by Atadjan Movlamov.

He invited the Minister to attend the Turkmenistan Energy Forum, which would take place in Paris the following month.

TAPI undertaking
The project is for the construction of a 1,680-kilometer pipeline with a 56-inch diameter that can carry 3.2 billion cubic feet of gas per day (bcfd) from Turkmenistan through Afghanistan and Pakistan to the border between Pakistan and India.

According to the terms of the TAPI agreement, Afghanistan would receive its portion of 0.5 billion cubic feet of gas per day, while Pakistan and India will each receive 1.325 billion cubic feet of gas per day.

In order to carry out the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, Pakistan and Turkmenistan inked a cooperative implementation plan in Islamabad on June 4.

Prime Minister Shehbaz Sharif and a delegation from Turkmenistan, led by Minister of Energy and Water Resources Daler Juma’a, were present at the ceremony.

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The price of gold is still rising in Pakistan.

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According to the All Sindh Sarafa Jewellers Association, the cost of 10 grams of 24 karat gold grew by Rs. 86 to Rs. 196,760 from Rs. 196,674, while the cost of 10 grams of 22 carat gold jumped to Rs. 180,363 from Rs. 180,284.

The price of silver per tola and ten grams stayed at Rs. 2,211.93 and Rs. 2,580, respectively.

According to the Association, the price of gold on the global market rose by $7 to $2,200 from $.2,193.

It is important to note that Pakistani and IMF personnel have agreed at the staff level on the second and final review conducted as part of Pakistan’s Stand-By arrangement.

The International Monetary Fund (IMF) and Pakistan have reached a staff-level agreement on the second and final review of Pakistan’s stabilization program, which is supported by the IMF’s US$3 billion (SDR2,250 million) SBA Agreement. This is according to the official statement released by a team led by Nathan Porter.

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