Fuel prices jacked up

Listen to article
The federal government on Sunday raised the fuel prices for the next fortnight.
According to a notification issued by the Finance Division, petrol has been increased by Rs4.80 per litre and high-speed diesel (HSD) by Rs7.95 per litre. The hike follows recommendations from the Oil and Gas Regulatory Authority (OGRA) and other relevant ministries.
With the increase, petrol now costs Rs258.43 per litre, up from Rs253.63, while HSD is priced at Rs262.59 per litre, rising from Rs254.64.
The new rates came into effect at midnight on June 16.
The government cited fluctuations in international oil markets and the rupee's exchange rate as key reasons for the adjustment, in line with Pakistan's fortnightly fuel price review mechanism.
Additionally, the government is focusing more on collecting petroleum levy in order to redirect it to subsidize electricity prices.
The government has already decided to increase petroleum levy rate up to Rs90 per litre on the sale of oil products.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Business Recorder

8 hours ago

• Business Recorder

PARTLY FACETIOUS: There is a need for structural changes in taxation system

'Chairman FBR urged the Senate body to abolish the Seventh Schedule of the Income Tax Ordinance…' 'Which incidentally dates back to 2001.' 'Hey, that ordinance has been amended from time to time and like other countries remains largely valid…' 'Excuse me, but there is a need for structural change in our taxes – our reliance on withholding taxes that are levied in the sales tax mode, which you must know is an indirect tax whose incidence on the poor is greater than on the rich, but credited dishonestly by the FBR under direct tax collections…' 'They are kinda easy to collect – you appoint withholding agents from the private sector, increase their work load don't pay them a penny, and they collect it…' 'Look at the glass as half full: you collect more while you don't burden your staff and…' 'The private sector is reeling, let me cite the Finance Division's data on large scale manufacturing sector: negative 1.4 percent in the outgoing year, negative under 0.5 percent last year and this negativity…' 'The glass is half full, my friend.' 'Right besides the Chairman has claimed that enforcement measures have generated a close to 380 billion rupees and…' 'But the successful enforcements he mentioned were from indirect taxes, excise duty on….on was it sugar or cigarettes? And that tax is passed onto the consumers anyway, so…' 'Anyway one question, if the seventh schedule is abolished would the banks be as amenable to lending around 1.2 trillion rupees to the poorly performing power sector - money borrowed to retire the circular debt?' 'If you recall, the head of our premier intelligence agency did, how can I put it, convince the Independent Power Producers to agree to the renegotiations and….' 'I am aware of that, my question is if the banks do not get special treatment then would they agree to lending to a sector where they are over exposed and…' 'I am not sure, but why doesn't the Chairman consider generating revenue from some other source. India for example, generates huge amounts from its stock market activities…' 'Hey, our stock markets are used as a yardstick to assess government performance.' 'But the bulk of our population, the poor, the lower middle and middle income earners do not invest in the stock market…' 'Shut up silly. You don't know the macro picture.' 'I stand corrected.' Copyright Business Recorder, 2025

Business Recorder

3 days ago

• Business Recorder

Pakistan secures $1 billion financing facility with ADB-backed guarantee

Pakistan's Ministry of Finance has signed a syndicated term finance facility of $1 billion partially guaranteed by a Policy Based Guarantee of the Asian Development Bank's (ADB) Programme 'Improved Resource Mobilisation & Utilisation Reform', according to a statement from Finance Division on Wednesday. Dubai Islamic Bank acted as the Sole Islamic Global Coordinator while Standard Chartered Bank acted as the Mandated Lead Arranger and Bookrunners. Other financiers include Abu Dhabi Islamic Bank as the Mandated Lead Arranger and Sharjah Islamic Bank, Ajman Bank and HBL as Arrangers. ADB approves $800m financing for Pakistan 'The facility is a landmark transaction for the Government of Pakistan that demonstrates strong support from leading financiers in the region,' the Finance Division said. As per details, this is a 5-year multi-tranche facility including both Islamic and conventional tranches. The Islamic facility was structured to be fully compliant with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) standards, and accounts for 89% of the total financing amount. The remaining 11% is from conventional financing. The transaction is also the first facility supported by ADB's Policy-Based Guarantee linked to policy reform measures undertaken by an ADB Member Country., i.e Pakistan. 'The ADB Programme is designed to support Pakistan to build long-term fiscal resilience and stability and has supported Pakistan's re-entry into international commercial markets, with significant interest from Middle Eastern Banks.' ADB to scale up food security support to $40bn by 2030 Pakistan government has entered into the Middle Eastern financial market after nearly two and a half years, 'success of which indicates the renewed trust of the market in the fiscal stability and the overall improvement in the macroeconomic indicators of Pakistan', the Finance Division said. 'This transaction also marks the beginning of new partnership of Government of Pakistan with Middle Eastern banks.'

Express Tribune

5 days ago

• Express Tribune

Fuel prices jacked up

Listen to article The federal government on Sunday raised the fuel prices for the next fortnight. According to a notification issued by the Finance Division, petrol has been increased by Rs4.80 per litre and high-speed diesel (HSD) by Rs7.95 per litre. The hike follows recommendations from the Oil and Gas Regulatory Authority (OGRA) and other relevant ministries. With the increase, petrol now costs Rs258.43 per litre, up from Rs253.63, while HSD is priced at Rs262.59 per litre, rising from Rs254.64. The new rates came into effect at midnight on June 16. The government cited fluctuations in international oil markets and the rupee's exchange rate as key reasons for the adjustment, in line with Pakistan's fortnightly fuel price review mechanism. Additionally, the government is focusing more on collecting petroleum levy in order to redirect it to subsidize electricity prices. The government has already decided to increase petroleum levy rate up to Rs90 per litre on the sale of oil products.