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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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PSX 100-index reaches an unprecedented peak, exceeding 111,000 points.

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The Pakistan Stock Exchange (PSX) reached the significant milestone of 111,000 points shortly after today’s market opening.

The KSE-100 Index ascended by more than 1,000 points in the initial five minutes of trade, achieving a notable increase of 1,044 points to attain 111,014 points.

The increase indicates heightened investor confidence and a robust market sentiment.

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SIFC Initiates Carbon Market Initiative: Pakistan Pursues Green Investment at COP29

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Pakistan has introduced its inaugural Carbon Market Policy at the 29th Conference of the Parties in Baku to attain climate objectives and encourage green investments.

The policy seeks to enhance investment in the energy, agriculture, and forestry sectors.

Through the initiatives of the Special Investment Facilitation Council, Pakistan has developed a transparent carbon market framework that adheres to international norms.

The policy conforms to international standards and establishes a definite strategic orientation.

Pakistan’s carbon market policy promotes environmental conservation, economic development, and sustainability.
It promotes the use of eco-friendly technologies by enterprises and the reduction of greenhouse gas emissions.

The policy represents a substantial advancement in the worldwide effort to combat climate change. It encourages international investors and organizations to participate in Pakistan’s carbon market.

SIFC aims to mitigate environmental concerns while promoting economic growth via the Global Carbon Market.

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When the benchmark hits 109,881 points, the PSX-100 index sets a new record.

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During the first hour of trading today, the Pakistan Stock Exchange (PSX) made a stunning comeback, moving from negative to positive territory. After losing 1,400 points, the market recovered and gained 800 points.

Setting a new high, the benchmark KSE-100 Index jumped 827 points to a record-breaking 109,881 points. Restored investor confidence was also reflected in the market’s return to its crucial levels of 108,000 and 109,000 points.

Supportive government policies and recent strong economic data are credited by experts with this success, as they have improved market mood.

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