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Petrol price in Pakistan expected to decrease by over Rs7/litre

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  • Latest news about petrol price in Pakistan suggests rates to drop.
  • Diesel price expected to drop by Rs16.61 per litre, light diesel Rs10.87.
  • Govt apparently not in mood to raise petrol price, say oil industry officials.

KARACHI: The price of petrol in Pakistan may decrease by Rs7.24 per litre and diesel by Rs16.61 per litre in the next fortnightly review if the government passes on the impact of the retreating global market by not raising taxation, latest news about the rates suggest.

Oil industry data shows that all petroleum prices are showing a declining trend; however, it is not clear if the government will pass on the impact or offset it by raising taxation.

Industry calculations show that the ex-depot price of petrol has registered a Rs7.24 per litre decrease to Rs230.19 per litre for the next fortnight compared to the existing price of Rs237.43 per litre, The News reported.

The ex-depot price of diesel has decreased by Rs16.61 to Rs230.82 per litre for the next fortnight compared to the current price of Rs247.43 per litre.

The ex-depot price of light diesel reduced by Rs10.87 to Rs186.41 per litre for the upcoming fortnight compared to Rs197.28 per litre now.

The ex-depot price of kerosene declined by Rs14.20 to Rs187.82 per litre against Rs197.28 per litre currently.

The prices calculated by the oil industry are based on the existing taxation by the government.

The government is charging zero general sales tax (GST) on petroleum products where the rate of petroleum levy (PL) on petrol is Rs37.42 and on diesel Rs7.58 per litre.

Under the International Monetary Fund (IMF) conditions, the government has to raise the levy to Rs50 per litre on diesel and petrol to generate additional revenue to achieve the tax collection target for this fiscal.

According to the oil sector officials, the government apparently is not in a mood to increase the petroleum prices by raising the rate of levy or re-imposing GST after Ishaq Dar takes the help of the Finance Ministry.

“It seems that Dar would not be raising the price of petroleum products, at least for this fortnight to send out a message about his plan to provide relief to the masses as he had pledged to do so before taking the charge of the finance ministry,” a top oil firm official believed.

He said that Dar might pass the impact of the global downtrend or he could also decide to stick with the same if global markets further eased in the coming review of prices.

According to him, the average price of crude oil was around 91 dollars per barrel from September 16 to 28, whereas average prices of diesel and petrol were $115 and $81 per barrel respectively in the global market.

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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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