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Petrol prices likely to go down from May 1

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2 years ago

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  • Price of petrol is likely to decline by Rs4.5 per litre.
  • Per litre diesel price is expected to go down by Rs6 per litre.
  • On April 15, govt increased petrol price by Rs10.

ISLAMABAD: The prices of petroleum products in Pakistan are expected to decline from May 1, Geo News reported Thursday citing sources, as the government might provide relief to the inflation-hit people.

According to sources in oil marketing companies (OMCs), the price of petrol is likely to decline by Rs4.5 per litre while the price of diesel is expected to go down by Rs6 per litre.

Diesel is widely used in transport and agriculture sectors. The reduction in its price could bring inflationary impact down and a relief for farmers as the crop-harvesting season has kicked off.

The consumers are already facing high prices, especially the low-income group, who have motorbikes and small cars.

In its last fortnight announcement, the federal government increased the price of petrol by Rs10 and the price of kerosene oil by Rs5.78 “in the wake of increase in petroleum prices in the international market and exchange rate variations.”

After this increase, the prices of petrol and kerosene oil respectively rose to Rs282 per litre and Rs186.07 per litre. These fuels were earlier available at Rs272 and Rs180.29 per litre.

Last month, Prime Minister Shehbaz Sharif announced a relief package for the poor under which a subsidy will be given to them on every litre of petrol; however, the implementation was stopped after concerns from the International Monetary Fund (IMF) was highlighted.

The lender had raised objections to the proposal, asking Islamabad to share details about the implementation of the plan that was announced without “consultation”.

However, Minister of State for Petroleum Musadik Malik rejected the perception that the subsidy would be a violation of the conditions and said the ministry had responded to all the queries in detail.

But the Ministry of Finance is yet to submit a written response to the Washington-based lender to get clarity on the cross-fuel subsidy.

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Pakistan Desires a Sturdy, Long-Term Alliance With Huawei: PM

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According to Prime Minister Muhammad Shehbaz Sharif, the government’s primary objective is to give Pakistani youth technical training in the field of information technology.

The prime minister expressed his desire for a strong and long-term collaboration with Huawei in an interview with a five-member delegation that visited him in Islamabad and was led by Huawei CEO Ethan Sun.

He said the Huawei’s ICT training program will not only increase it exports but will also help youth in getting job opportunities.

The meeting was briefed on the progress made in providing training in the it sector to 300,000 pakistani youth organized by Huawei.

Out of 300,000 youth, 240,000 youth will be provided basic training while 60,000 youth will be provided high-tech training.

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The IMF allows Pakistan to lower electricity tariffs.\

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The International Monetary Fund (IMF) has permitted the Pakistani government to decrease the energy cost by one rupee.

The alleviation will be incorporated into the base tariff for electrical units, with funding sourced from revenue collected by the levy on captive power plants. A tax has been enacted on the utilization of gas by captive power plants.

The government is developing a relief plan for electricity consumers, which will be announced upon clearance from the international lender.

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Business

Robust purchasing sustains PSX’s positive trend

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On Thursday, bullish momentum continued in the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 index reaching 118,806 after an increase of over 300 points.

Across the board buying was observed in key sectors, including commercial banks, fertiliser, power generation, and oil and gas exploration companies.

Aside from that, index-heavy equities such as MARI, POL, HBL, MCB, UBL, KOHC, and LUCK experienced gains, capitalizing on the prevailing bullish atmosphere in the market.

Market analysts attribute the recent bullish trend in the PSX to a staff-level agreement between the International Monetary Fund (IMF) and Pakistani authorities following the initial review under Pakistan’s Extended Fund Facility (EFF) and a new arrangement under the Resilience and Sustainability Facility (RSF).

Furthermore, a recent study done by the Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) regarding the feasibility of the Reko Diq project in Balochistan has also conveyed favorable indications to investors.

The bulls surged rapidly after the staff-level deal with the global lender, with the KSE-100 Index reaching a peak of 118,220 before closing at 117,178 points, reflecting an advance of 1,139 points on Wednesday.

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