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[ad_1] Amidst mounting economic pressures, the masses find themselves grappling with yet another burden as the government on Tuesday decided to jack up petrol prices by a staggering Rs19.95 per litre and diesel price by Rs19.90 per litre for the next fortnight. The decision was announced by Finance Minister Ishaq Dar during a live broadcast, citing the necessity of adhering to the terms agreed upon with the IMF. The staggering increase in fuel prices has sent shockwaves through the masses, already grappling with a host of economic burdens. However, Dar emphasised that the government is committed to passing on the minimum possible burden to the people, as directed by Prime Minister Shehbaz Sharif. “The decision to hike petrol and diesel prices has been taken in the best interest of Pakistan,” asserted Finance Minister Dar. “While there are negative consequences for deviating from the IMF deal, we must also consider the rising international oil prices in recent days.” In a c...

[ad_1] Petrol and diesel prices in Pakistan are poised to experience a reduction in the upcoming week, with reports indicating a noteworthy decline. The anticipated decrease amounts to Rs13 per litre for petrol and an even more substantial reduction of Rs15 per litre for diesel, slated for implementation on December 16, pending approval in the fortnightly review by the government. It is expected that the official announcement regarding the revision of petrol and diesel prices will be made before 12 am on December 15, with the new rates set to take effect from 12 am on Saturday, December 16. Insights into the global market reveal a decline of $5.49 per barrel in the price of petrol, bringing the current cost per barrel to $94.95. Similarly, diesel has seen a reduction of $5.13, with its price now standing at $100.05. As of the latest data, the existing petroleum prices in Pakistan are Rs281.34 per litre for petrol and Rs289.79 per litre for diesel for all cities including L...

[ad_1] The federal government has decided to increase the price of petrol by Rs10 per litre for the next 15 days, Finance Minister Ishaq Dar announced Saturday. In a statement, the Finance Division said the rationale behind a hike in the price of petroleum products was the "increase in petroleum prices in the international market and exchange rate variation". Petrol's price has been increased to Rs282 per litre, while high-speed diesel and light diesel oil rates will remain stable at Rs293 per litre and Rs174.68 per litre, respectively, the statement from the Finance Division read. However, an increase of Rs5.78 per litre has been made to the price of kerosene oil, moving it from Rs180.28 per litre to Rs186.07 per litre. [ad_2] Source link https://worldnews2023.com/business/petrol-price-increased-by-rs10-per-litre-for-next-fortnight-such-tv/?feed_id=306652&_unique_id=666eff5f1fdb2

[ad_1] Last Updated: October 30, 2023, 08:25 IST Fuel rates in India: Petrol and diesel prices today on October . 30(Representative image) Petrol, and Diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, and Gurugram on October 30, 2023 Petrol, and Diesel Prices on October 30: There is a slight decline in the prices of crude oil in the international market today. Around 6 am on Monday, WTI crude was being sold at $ 84.82 per barrel. At the same time, Brent crude is trading at $ 89.84 per barrel. Oil marketing companies in the country have released the latest rates of petrol and diesel. In India, fuel prices are revised every morning at 6 am. Before June 2017, price revision was done every 15 days. In West Bengal, petrol has become costlier by 44 paise and diesel by 41 paise. In Punjab, petrol has become costlier by 27 paise and diesel by 25 paise. In Madhya Pradesh and Himachal Pradesh also, the price of petrol and diesel is showing an increase of more than 20 paise. On t...

[ad_1] In a welcome development for the citizens of Pakistan, it is expected that fuel prices will witness a considerable decrease in the coming month. Sources privy to the development said that the Oil and Gas Regulatory Authority (OGRA) has prepared a preliminary draft for reducing the prices of petroleum products, with the final decision expected to be sent to the Petroleum Division on October 31. This much-anticipated reduction comes in the backdrop of declining global crude oil prices, offering relief to Pakistani consumers. The primary catalyst for this anticipated drop in fuel prices is the decreasing cost of crude oil in the global market. Recent reports suggest that tensions in the Middle East, which had been contributing to a surge in oil prices, have significantly subsided. British crude oil prices have fallen below $90 per barrel, while American crude oil prices have dipped below $84 per barrel. These significant declines are attributed to diminished concerns re...

[ad_1] The federal government on Wednesday reduced the prices of petrol and high-speed diesel (HSD) by Rs2.04 and Rs6.47 per litre, respectively, for the next fortnight. According to a notification from the Ministry of Finance, available with Dawn.com, the new prices of petrol and HSD are Rs281.34 and Rs296.71. Meanwhile, the prices of kerosene oil and light-diesel oil were reduced by Rs6.05 and Rs9.01 per litre, respectively, to Rs204.98 and Rs180.45. Informed officials had earlier predicted that the prices of petrol and HSD would decline by Rs8 to Rs10 per litre each, mainly due to lower prices in the international market. The officials had said that the international prices of both HSD and petrol had fallen over the past two weeks. However, the rupee had depreciated against the dollar during the same period, reducing the benefit of lower international prices for consumers. For price calculations, officials said that HSD had become about $9 per barrel cheaper on average,...

[ad_1] The price of petrol could be reduced by up to Rs19 per litre at the end of September when the government announces petroleum prices for the next fortnight. The reduction has been estimated on the basis of rupee appreciation and the relative stability that the world oil prices enjoyed in the past week. The Pakistani rupee has appreciated over 6% against the US dollar in the past 16 trading sessions with the greenback declining from Rs307 to Rs288. When the government last notified oil prices on September 16, benchmark Brent crude oil was trading at above $95 per barrel. It dropped to $93.69 since then and now remains stable below $94.50. Ogra’s computations show that the regulatory authority used an average exchange rate of Rs302.32 per US dollar when it calculated oil prices on September 15. The average exchange rate has now dropped to Rs291. Sources in Ogra say that the petrol price could be slashed by Rs10 on the account of rupee appreciation alone. If the authori...

[ad_1] NEW DELHI: HPCL on Wednesday reported a profit in the June quarter as the freeze on petrol and diesel prices helped its marketing margin turn positive. It posted a net profit of Rs 6,204 crore in April-June compared with a loss of Rs 10,197 crore in the year-ago period. Last year, HPCL and other government-owned fuel retailers froze retail petrol and diesel prices to cushion domestic consumers from rising oil rates. agencies [ad_2] Source link https://worldnews2023.com/business/petrol-hpcl-is-back-in-black-in-june-qtr-times-of-india/?feed_id=124590&_unique_id=65279b0603051