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Tag: diesel

  • Petrol And Diesel Prices Likely To Drop Below Rs 300

    Petrol And Diesel Prices Likely To Drop Below Rs 300

    Canada Global (Web News) Due to the significant reduction in global oil prices and the increase in the value of the Pakistani currency, the prices of petrol and diesel are likely to fall below Rs 300 in the coming review. According to the details, the expected reduction in the price of diesel by 20 rupees and petrol price by 38 rupees per liter can significantly reduce the fuel prices.

    According to the government’s budget targets and the promise made to the IMF, it wants to collect about 869 billion rupees in petroleum levy in the current financial year.
    If the government cuts, it will be the second time in a row that the caretaker government has cut the prices of petroleum products after three consecutive hikes.
    Between August 15 and September 15, petrol and diesel prices were hiked by Rs 58 43 paisa and Rs 55 83 paisa respectively, after which their prices reached an all-time high of Rs 331 to 333 per litre.
    The government is currently charging a tax of Rs 82 per liter on petrol and Rs 73 per liter on diesel.
    Although the general sales tax on all petroleum products is zero, the government is imposing a petroleum development levy of Rs 60 per liter on petrol and Rs 50 per liter on diesel, high octane and Ron 95 petrol.
    Based on the current rate of taxes, the price of petrol may drop to Rs 36 38 paise per liter as the global oil price has declined by 12% to $87 per barrel from $99 per barrel.
    Petrol prices in the Middle East fell by $11.4 per barrel while the rupee depreciated to Rs 280 from Rs 292 against the dollar at the end of September.

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  • South Korea fines German automakers for rigging diesel car emissions

    South Korea fines German automakers for rigging diesel car emissions

    Canada Global (Web News) Three German automakers were found to have conspired to manipulate the emissions of their diesel automobiles using software, according to South Korea’s antitrust agency, which said on Thursday that it would punish them a total of 42.3 billion won ($33.48 million).

    The Korea Fair Trade Commission (KFTC) declared in a statement that Mercedes-Benz (MBGn.DE), BMW (BMWG.DE), Volkswagen (VOWG p.DE), and Audi were involved in conspiracy that limited customer choice and lessened competition.

    According to the regulator, Mercedes-Benz received a 20.7 billion won fine, BMW received a 15.7 billion won fine, and Audi received a 6 billion won fine. Volkswagen did not receive a sanction since it did not generate revenue that was relevant to the issue, it added.

    Mercedes, BMW, Volkswagen, and Audi could not be reached for comment right away.

    Mercedes-Benz and its Korean subsidiary were penalised last year with a punishment of 20.2 billion won for deceptive advertising regarding the gas emissions of diesel passenger cars.

    In 2021, the European Commission fined BMW and Volkswagen a combined 875 million euros for conspiring to limit the use of emissions-cleaning technologies they had created.

  • Government raises Rs35 per litre increase in petrol, diesel prices

    Government raises Rs35 per litre increase in petrol, diesel prices

    Canada Global (Web News) As Pakistan struggles to meet the requirements of the International Monetary Fund (IMF) for the revival of a badly needed loan programme that has been stalled since September of last year, Finance Minister Ishaq Dar announced an increase in petroleum prices of up to Rs35 on Sunday with immediate effect.

    Since Saturday night, when news of the government’s plan to raise the price of gasoline first broke, people have been swarming to the gas stations to make panic purchases.

    The cost of gasoline and diesel had increased by Rs35 per litre each, bringing the new costs to Rs249.82 and Rs262.80, respectively.

    Kerosene oil prices jumped to Rs189.93 per litre after an increase of Rs18, while light speed diesel prices also increased by Rs18, to reach Rs187 per litre.