Connect with us

Business

Sigh of relief: Petrol price in Pakistan likely to slide down by Rs9.62

Published

2 years ago

on

  • Price of diesel may witness slight increase for next fortnight.
  • Sources say average platts price for motor spirit also plunged to Rs92.28 from Rs101.83
  • Ex-refinery price of diesel is estimated to increase by Rs3.04 per litre to Rs231.90.

The price of mogas is likely to drop from Rs235.98 per litre to Rs226.36 after a cut of Rs9,62 per litre on September 16 (Friday) for the next fortnight.

However, a slight increase of Rs3.04 per litre is expected in the price of diesel, taking the rate up from Rs247.26 per litre to Rs250.30 for the said duration.

Industrial sources said that the average Platts price for motor spirit also plunged by Rs9.55 to Rs92.28 from Rs101.83 for the duration from September 1-15. However, the exchange rate remained on the higher side if compared with the exchange rate registered during August 16-31. And with unchanged customs duty at Rs15.39 per litre, the cost of one-litre petrol in the refinery slid by Rs7.84 per litre to Rs166.76 from Rs174.61 per litre.

However, the ex-refinery price of one-litre petrol has been estimated to decrease by Rs9.62 per litre to Rs173.43 from Rs183.04 per litre, The News reported.

Regarding diesel, though the average Platts price for diesel tumbled during September 1-15 by Rs6.46 per litre to Rs133.93 from Rs140.38 per litre, the cost and freight in dollars went up. Likewise, the exchange rate also remained on the higher side at Rs225.63 against the Rs217.81 registered during the August 16-31 period, showing an increase of Rs7.87. However, the likely increase in imposition of customs duty on HSD by Rs3.37 to Rs22.11 per litre from Rs18.74 will increase the cost of one-litre diesel in a refinery by Rs1.57 per litre to Rs224.57 from Rs223 per litre.

And after the PSO exchange adjustment, the ex-refinery price of diesel is estimated to increase by Rs3.04 per litre to Rs231.90 from earlier Rs228.87 per litre.

However, for end consumers, the distribution margin for diesel and petrol stands at Rs3.68 per litre and Rs7 per litre. The imposition of petroleum levy on petrol stands at Rs37.50 per litre and on diesel at Rs7.50 per litre.

The Rs4.76 per litre on petrol is being charged in the shape of IFEM (Inland Freight Equalisation Margin) and Re0.21 on diesel. The coalition government under the IMF programme is bound to jack up petroleum levy up to Rs50 on both petrol and diesel to generate Rs855 billion in 2022-23.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

Published

1 day ago

on

By

The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

Continue Reading

Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

Published

1 day ago

on

By

The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

Continue Reading

Business

Discos report losses of Rs239 billion.

Published

1 day ago

on

By

When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

Continue Reading

Trending