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Tag: Petrol

  • Petroleum Product Prices Announced, Petrol Prices Unchanged

    Petroleum Product Prices Announced, Petrol Prices Unchanged

     Canada Global (Web News) The caretaker federal government has announced to maintain the price of petrol for the next 15 days, the Ministry of Finance has issued a statement.

    According to the sources of the Ministry of Finance, the price of petrol has not been increased or decreased for the next 15 days, but it has been decided to reduce the prices of diesel, kerosene and light diesel. According to the notification issued in this regard, the price of petrol is 281 Rs 34 paise while the price of high speed diesel has been increased by Rs 7, the price of kerosene has been increased by Rs 3 82 paise. The price of high speed diesel, kerosene and light diesel oil has been increased to Rs 289 71 paise, Rs 201 16 paise and Rs 175 93 paise per litre, respectively. These prices of petroleum products will be applicable for 15 days from December 1.

  • Pakistan.Petrol And Diesel Can Be Cheaper By 8 To 10 Rupees

    Pakistan.Petrol And Diesel Can Be Cheaper By 8 To 10 Rupees

    Canada Global(Web News)From November 15 to the next 15 days, the prices of petrol and high-speed diesel are expected to decrease by 8 to 10 rupees per liter, which is mainly due to the decrease in crude oil prices in the global market.

    According to the report, informed officials say that during the last 2 weeks, the global prices of diesel and petrol have decreased, but during the same period, the value of the rupee has decreased against the dollar, due to which consumers are buying petroleum products in the global market. Less will benefit from price cuts.

    The price of diesel fell an average of $9 a barrel during the week to $104 a barrel from about $113, while gasoline fell to $90 a barrel from $91, officials said. Compared to this, the price of the dollar increased by 6 rupees, which increased from 280 rupees to 286 rupees.

  • Pakistan.From November 1, Petrol Is Likely To Be Cheaper By Rs 5 And Diesel By Rs 18 Per Litre

    Pakistan.From November 1, Petrol Is Likely To Be Cheaper By Rs 5 And Diesel By Rs 18 Per Litre

     Canada Global(Web News) Due to the increase in the value of the rupee, a further reduction in the price of diesel by Rs. 5 and petrol price by Rs. 18 per liter is expected from November 1.

    According to a report, official sources said that if the caretaker government does not increase the petroleum levy further, the price of high-speed diesel is likely to decrease by around Rs 5-6 per liter while petrol will be cheaper by around Rs 18 per litre.

    This is largely due to the appreciation of the rupee by about Rs.3 against the dollar in the last 15 days, during which the average price of diesel in the global market has fallen by about $1.3 per barrel, while the price of petrol has fallen by about It fell by $3.5 per barrel.

    Sources say the fall in prices has given the government an opportunity to increase the petroleum levy on diesel from Rs 55 per liter to Rs 60 per liter but revenue collection has so far been better than the set targets.

    The petroleum levy on petrol is already Rs 60 per litre, giving the government around Rs 869 billion petroleum levy on petroleum products during the current financial year as per the budget target and commitments made to the International Monetary Fund.

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    The benefit of the reduction in petrol prices should be passed on to the common man, the Caretaker Prime Minister

    The total collection of petroleum levy in the first quarter ended September 30, 2023 had already crossed Rs 222 billion, but the per liter price of petrol continued to rise and during the first quarter of the financial year it was around 50 Per liter was Rs.

    The prices of petroleum products and electricity are the main reason behind the rising inflation, which was recorded at 31.4 percent in September and is expected to increase further due to the massive hike in gas prices by the government last week.

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    How did petrol become cheap in Pakistan? Will it become expensive in the coming days?

    Based on the current tax rate and other overheads, petrol prices may come down by Rs 17-18 per liter as the dollar depreciated from Rs 282 to Rs 279 in 15 days, reliable sources said. On the other hand, if the government decides to maintain the petroleum levy at Rs 55 per litre, the price of diesel may come down by around Rs 5 to 6 per litre.

    In the global market, unlike petrol, the price of diesel has decreased by almost one dollar per barrel in the last two weeks, from $114 per barrel to $113 per barrel.

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  • How Did Petrol Become Cheap In Pakistan? Will It Become Expensive In The Coming Days?

    How Did Petrol Become Cheap In Pakistan? Will It Become Expensive In The Coming Days?

    Canada Global(Web News) The caretaker government has reduced the price of petrol by 40 rupees per liter while giving relief to the people. The trend of rising crude oil prices has been seen in the global market for a few days. According to experts, the reason for the decline in petrol prices is the depreciation of the dollar. If the dollar continues to fall, there will be no increase in petrol prices on November 1.

    Crude oil prices continue to rise in the global market. On September 27, the price of crude oil was $95 per barrel, which fell to $82 per barrel on October 6, but now the price of crude oil is $88 per barrel.

    According to economists, oil prices are changed every 15 days to determine the price according to the increase or decrease in crude oil prices in the global market. The recent drop in price is not due to crude oil prices in the global market, it is due to the appreciation of the rupee.

    Due to the war between Palestine and Israel, the price of crude oil will continue to increase, but the rupee is stabilizing in Pakistan, the effects of this increase will be controlled, if the value of the rupee in the next few days. If the increase continues, the price of petrol will not be increased, but if the value of the dollar increases, the price of petrol will be increased from November 1.

    In Pakistan, the price of petrol has decreased by 48 rupees in the last 15 days. . On the other hand, the price of crude oil in the global market decreased from 95 dollars per barrel to 84 dollars per barrel and now it has returned to 90 dollars.

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    Big reduction in petrol price Rs 40 per liter cheaper

    Whether the prices of petroleum products will increase from November 1 or not, it has to be seen when and at what rate Pakistan bought crude oil.

    Economists say that the price of petrol in Pakistan fluctuates with the price of crude oil in the world market. If it increases further, petrol prices will have to increase in Pakistan as well. The war between Israel and Palestine has created uncertainty

    The depreciation of the dollar is also reducing the price of petrol, but the fall in the value of the dollar is a result of a crackdown on hoarders and smuggling, if smugglers find other means. Then the dollar rate, which has temporarily gone down, will go up. Afghan transit trade is also completely closed, it will also have to be opened.

    It should also be noted that out of the taxes and duties that are imposed, many people resort to smuggling. All these things are still uncertain.

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  • 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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  • Fuel prices likely to go down

    Fuel prices likely to go down

    Canada Global (Web News) People might soon hear some good news because fuel prices are predicted to drop significantly.

    In recent years, the price of fuel has fallen significantly on a global scale. For the second half of the month, the price of gasoline may be reduced by Rs. 38 and that of diesel by Rs. 18.

    The cost of gasoline has decreased by $12 on the world market, bringing the price per barrel down to $102. Diesel is currently available for $9 less per barrel, costing $117 per barrel.

    The Pakistani rupee is strengthening in the meantime, which will assist bring down the cost of fuel.

    On September 30th, the caretaker administration decreased the price of gasoline and diesel by Rs. 8 and Rs. 11, respectively, providing a small respite to the populace.

  • Govt goes for Rs20 hike in fuel prices

    Govt goes for Rs20 hike in fuel prices

    Canada Global (Web News) Ishaq Dar, the finance minister, announced a Rs19.95 per litre rise in the price of petrol on Tuesday, citing the growing cost of commodities on the international market. This action would boost inflation in the nation at all levels.

    Dar said that the government was required to abide by the agreement signed with the International Monetary Fund (IMF) in a message that was broadcast live by TV stations, and he predicted that the increase in high-speed diesel (HSD) would be Rs19.90 per litre.

    He said that the decision was made in Pakistan’s best interests since any divergence would have detrimental effects on the nation and that Prime Minister Shehbaz Sharif had instructed them to impose the least amount of hardship on the populace as possible.

    Petrol and HSD will now be available for Rs272.95 and Rs273.40 a litre, respectively, with the new prices taking effect right away. This will cause the cost of transportation for both people and products to soar to an intolerable level.

    According to the stand-by agreement between Pakistan and the IMF, the government is required to eliminate subsidies in order to lower the budget deficit, leaving the populace to the whim of the market, as well as raise the Petroleum Development Levy (PDL) from the current level of Rs50 per litre to Rs60.

  • Govt announces 12-rupee cut in petrol prices

    Govt announces 12-rupee cut in petrol prices

    Canada Global (Web News) Ishaq Dar, the Finance Minister, declared on Monday that for the upcoming two weeks, the price of petrol would be reduced by Rs. 12 and the price of diesel by Rs. 30 per litre.

    In a speech that was broadcast on television, he stated: “On the basis of prices in the world market, Prime Minister Shehbaz Sharif sahib and his government attempt to provide maximum assistance to the population.

    Dar announced that the price of petrol would be decreased by Rs12 starting at 12 p.m. tonight for the following 15 days, making it now Rs270.

    According to the minister, diesel will now cost Rs. 258 after a Rs. 30 discount. After being decreased by Rs12, kerosene oil will now cost Rs164.07, and the cost of light diesel oil would drop by Rs12 to Rs152.68 per litre.

    In order for every sector of the economy to gain from the growth, Dar also asked transporters and other departments that utilise diesel to pass along the alleviation to the general population in the form of lower rates.

    The government had already reduced the cost of high-speed diesel by Rs5 per litre while keeping the price of petrol unchanged on 30 April.

  • Russia begins fuel supplies to Iran by rail

    Russia begins fuel supplies to Iran by rail

    Canada Global (Web News) According to three industry insiders and exports statistics, Russia began shipping fuel to Iran by train for the first time this year after usual clients avoided doing business with Moscow.

    In order to bolster their economies and counter Western sanctions that both Moscow and Tehran view as unwarranted, Russia and Iran, both of whom are subject to Western sanctions, are becoming closer together.

    Global fuel markets have changed as a result of Western sanctions on Russian oil products related to what Moscow refers to as its “special military operation” in Ukraine. Tankers now travel longer routes and suppliers now favour exotic locations and modes of transportation.

    Iran has had limited access to international markets due to Western sanctions for many years.

    Requests for reaction from the Russian and Iranian oil ministries went unanswered.

    Aleksandr Novak, the deputy prime minister of Russia, declared in the autumn of 2017 that oil goods will begin to be exchanged with Iran; but, actual shipments didn’t begin until this year, according to sources with Reuters.

    According to two sources acquainted with the export data, Russia gave Iran up to 30,000 tonnes of petrol and diesel in February and March.

    A third source was able to validate the trade but not the quantities.

    All of the amounts were delivered by train via Turkmenistan and Kazakhstan from Russia. One of the sources claimed that some petrol shipments were made by truck from Iran to neighbouring countries like Iraq.

    Iran is an oil producer with its own refineries, but recently, especially in its northern provinces, domestic fuel use had outpaced domestic fuel production, according to a trader in the Central Asian oil products market.

    In 2018, Russia had delivered tiny amounts of fuel to Iran by tanker via the Caspian Sea, according to two businessmen with knowledge of the situation.

    As a result of high freight costs and a G7-imposed price restriction, Russian oil corporations are now interested in shipping fuel and petrol to Iran by train.

  • Govt keeps petrol price unchanged in Pakistan until April 15

    Govt keeps petrol price unchanged in Pakistan until April 15

    Canada Global (Web News) Ishaq Dar, the Finance Minister, stated on Friday that the government would maintain the cost of petrol and high-speed diesel until April 15. This announcement came amid predictions that the cost of petrol could decline by April 1.

    He did, however, announce price cuts for kerosene oil and light speed diesel, bringing them to Rs180.29 and Rs174.68, respectively, each by Rs10 per gallon. Beginning on April 1, the revised prices will be in effect.

    The price of petrol is Rs272 per litre, while the cost of high-speed diesel is Rs293 per litre.

    Prior to now, the Oil and Gas Regulatory Authority (Ogra) had suggested lowering petrol prices to reflect the global market’s downward trend.

  • Shell reports sharp fall in Nigeria oil spills after shutdown

    Shell reports sharp fall in Nigeria oil spills after shutdown

    Canada Global (Web News) On Thursday, Shell announced a dramatic decrease in the amount of oil spilt as a result of sabotage in Nigeria’s oil-rich Delta in 2022, which was attributable to the shutdown of operations for six months following the attacks.

    According to Shell’s yearly report, the amount of crude oil spilt due to sabotage in the Delta decreased from 3,300 tonnes to 600 tonnes.

    Such leaks decreased from 106 to 75. As a result of an unprecedented rise in crude oil theft from the Trans Niger Pipeline (TNP), production was stopped down for nearly six months in 2022, according to Shell, which noted that the decline in incidents was related to this.

    The primary onshore oil and petrol joint venture in Nigeria is operated by Shell and is called SPDC. For years, operational problems, theft, and sabotage have plagued SPDC.

  • Pakistan’s govt cuts petrol price by Rs5 per litre

    Pakistan’s govt cuts petrol price by Rs5 per litre

    Canada Global (Web News) Pakistani government cut the price of petrol by Rs. 5 per litre on Tuesday.

    Ishaq Dar, the finance minister, made the announcement on Thursday, following which the new price of fuel will be Rs267.

    The price of diesel would remain at Rs280 per litre until the next review, according to the finance czar.

    Kerosene oil now costs Rs 187.73 per litre, a reduction of Rs 15. Similar reductions were made to the price of Low Speed Diesel, which dropped by Rs12 per litre to Rs186.86.

  • Govt hikes gas price by 113pc

    Govt hikes gas price by 113pc

    Canada Global (Web News) The Oil and Gas Regulatory Authority (OGRA) has announced an increase in the gas tariff for oil categories of 16.6% to 113pc for the period of January to June 2023.

    The change occurs soon after the coalition administration drastically raised the cost of fuel products.

    The authority claims in a statement that the Ministry of Energy’s Petroleum Division conveyed the federal cabinet-approved decision of the Economic Coordination Committee (ECC) about the pricing of gas sales, which would take effect on January 1, 2023.

    The OGRA informed the sale pricing for each category of retail natural gas users after receiving the aforementioned advise.

    Domestic gas use of up to 100 cubic metres has seen a 16.6% price hike from Rs300 to Rs350.

    Domestic gas use up to 100 cubic metres has seen a 16.6% price increase, going from Rs300 to Rs350 per MMBTU, or a rise of Rs50 per MMBTU. The price per MMBTU for domestic customers who use 200 cubic metres has increased by 32%, from 553 to Rs730.

    For consumers of up to 300 cubic metres of gas, a 69 percent increase in the pricing has been approved; they will now pay Rs. 1,250 per MMBTU, up from Rs. 738 per MMBTU. The price for home customers using up to 400 cubic metres of gas has increased by 99 percent, or from Rs. 1,107 to Rs. 2,200 per MMBTU.

  • Russian oil output increased by 1pc this month, says media report

    Russian oil output increased by 1pc this month, says media report

    Canada Global (Web News) Despite Western fuel embargoes, Russian oil producers increased production by about 1% in the first week of February compared to the same period last year, according to anonymous statistics cited by Kommersant daily on Thursday.

    According to the newspaper, producers raised oil and gas condensate output from January’s average by 0.7% in the first week of February to 1.491 million tonnes (10.93 million barrels per day).

    The data are consistent with those cited by Deputy Prime Minister Alexander Novak, who stated on Wednesday that Russia’s daily crude oil production this month, excluding gas condensate, has been equivalent to January’s 9.8 million to 9.9 million bpd.

    According to the publication, Russian oil producers have requested bigger discounts for domestic oil prices relative to the global benchmark. They have also expanded oil exports.

    Since Western sanctions were put in place after Moscow began what it terms a “special military operation” in the Ukraine about a year ago, Russian producers have shifted supplies away from Europe and towards Asia, primarily China and India.

    According to the publication, the Sakhalin-1 project, which is led by Rosneft, has boosted output the highest.

    Following ExxonMobil’s exit from the project in March, Sakhalin-1’s previously estimated 200,000 bpd of production ceased to exist.

    Igor Sechin, the CEO of Rosneft, stated earlier this week that oil production has begun at the project.

  • Ishaq Dar announces 10-rupee reduction in petrol prices

    Ishaq Dar announces 10-rupee reduction in petrol prices

    Canada Global (Web News) Finance Minister Ishaq Dar announced that the price of petrol would be reduced by Rs10 and diesel by Rs7.5.

    “At this moment, the prime minister wants us to pass maximum relief to the public,” he said in a televised address.

    “According to our calculations, petrol prices will be reduced by Rs10 to Rs214.8 after midnight. “High-speed diesel will be reduced by Rs7.5 to Rs227.80,” he said.

    Dar said that Kerosene oil will now cost Rs171.38 after a Rs10 decrease and the price of light diesel oil will be reduced by Rs10 to Rs169 per litre.

    The price reduction will take effect at midnight tonight.