Petrol price

Several reports even state that the reason behind government's decision to raise petroleum price by Rs 30 is the failure in negotiations with the IMF.

Power and fuel subsidies has become the main hurdle in talks Pakistan and the IMF which began last week in the Qatari capital. Government has decided to increase the prices of Petrol, High Speed Diesel, Kerosene Oil and Light Diesel Oil by Rs 30 per litre from Friday May 27, 2022. The minister said that prices of petrol, high speed diesel, kerosene oil and light diesel oil have been hike by Rs 30 per litre from Friday.

Finance Minister Miftah Ismail announced on Thursday a hike in the price of petroleum products after the International Monetary Fund (IMF) emphasized the ...

In a press conference, the finance minister explained that the decision was taken in order to ensure the revival of the IMF programme. Finance Minister Miftah Ismail announced on Thursday a hike in the price of petroleum products after the International Monetary Fund (IMF) emphasized the termination of subsidies to revive the bailout programme. - Finance Minister says decision taken to ensure the revival of the IMF programme

Federal Finance Minister Miftah Ismail told a press conference that the IMF program could not move forward without raising the prices of petroleum products.

In this regard, the implementation of the policy rate hike from May 23 was a welcome step. Federal Finance Minister Miftah Ismail told a press conference that the IMF program could not move forward without raising the prices of petroleum products. Following Rs 30 per liter increase in price of Petrol the new price will be Rs 179.86.

Pakistan increases petrol price: In yet another blow for the common man in Pakistan, petrol prices have been hiked by Rs 30. The rise in petroleum products ...

The previous Imran Khan government in February had capped the prices of petroleum products until June despite having an agreement with the IMF to increase the prices. Post this hike, one litre of petrol in Pakistan will cost Rs 179.85 (Rs 180 approx) while diesel Rs 174.15 per litre. Pakistan increases petrol price: In yet another blow for the common man in Pakistan, petrol prices have been hiked by Rs 30.

Pakistan on Thursday announced it will hike fuel prices so that it can resume receiving aid from a $6 billion package signed with the International Monetary ...

"When we raise fuel prices, the deal will be done. Prices will rise by 20% starting Friday, causing long lines to form at filling stations as the news spread. Register now for FREE unlimited access to Reuters.com

The government on Thursday jacked up the price of petrol by Rs 30 per litre with immediate effect. Federal Finance Minister Miftah Ismail told a press ...

In this regard, the implementation of the policy rate hike from May 23 was a welcome step. It was informed that the promises made in the previous review in the financial sector have not been fulfilled and the authorities announced partial subsidies for fuel and energy in February, statement sated. Federal Finance Minister Miftah Ismail told a press conference that the IMF program could not move forward without raising the prices of petroleum products.

The federal government has finally taken a tough decision to increase the petroleum prices by Rs30 per litre, Finance Minister Miftah Ismail announced.

A successful review would also unlock other funding avenues for cash-strapped Pakistan, whose foreign reserves cover less than two months' worth of imports. Government has decided to increase the prices of Petrol, High Speed Diesel, Kerosene Oil and Light Diesel Oil by Rs 30 per litre from Friday May 27, 2022. "When we raise fuel prices, the deal will be done. “It was a difficult decision for us to impose any kind of burden on the people,” he said, adding that Prime Minister Shehbaz Sharif will address the nation to take them into confidence over the increase. “It was a difficult decision for us to impose any kind of burden on the people,” he remarked. The development came a day after Pakistan and the International Monetary Fund (IMF) failed to reach a staff-level agreement for the revival of the $6 billion programme.

ISLAMABAD: The Government of Pakistan on Thursday announced increasing the prices of petroleum products by Rs30 in line with the conditions set forth by the ...

"We are all the owners of a country. "But tell me, what option did we have instead of taking this step." Ismail said increasing the price of petroleum products by Rs30 was not an easy decision for Prime Minister Shehbaz Sharif, but vowed that the incumbent government would take steps to safeguard the economy. In response to a question, Ismail said due to an increase in the price of petroleum products, inflation would definitely witness an increase. The PTI-led government had originally agreed to the IMF's demand of raising the price of electricity and petroleum products but, later in March, former prime minister Imran Khan announced subsidies on both commodities — and the current government was continuing with the same arrangement. The finance minister noted some burden was shifted on the masses, but despite the massive increase in the price of petroleum products, the government was still bearing losses.

ISLAMABAD: The PTI government in its tenure of three years and eight months increased the price of petrol by 68 percent to Rs159.86 per litre till Feb 28, ...

However, ultimately the government on Thursday night took the hard decision to increase from May 27, 2022, the price of petrol by 20.02 percent (Rs30 per liter) to Rs179.86 per liter and diesel by 20.81 percent (Rs30 per liter) to Rs174.15 per liter. If the government does not revoke the subsidy, it would have to bear the loss of Rs120 billion per month, which is more than the monthly expenditure of the federal government that stands at Rs85 billion. Imran Khan took oath as Prime Minister of Pakistan on Aug 22, 2018, and the price of petrol Sept 1, 2018, was at Rs95.24 per liter and diesel at Rs112.94 per liter. The same government also increased the diesel price by 52.1 percent to Rs154.15 a litre. When the Imran Khan government came into power, the dollar was at Rs122.42 which had increased by 52.16 percent to Rs186.28 till April 10, 2022. However, the inflation was at 3.39 percent when Imran Khan had taken oath. However, when the coalition government headed by Prime Minister Shehbaz Sharif took power, uncertainty remained for 45 days and economy continued to bleed. This is how the-then premier had inflicted a loss of Rs20 each on one liter of petrol and diesel on the national kitty. On April 10, 2022, the crude oil price was $102.40 per barrel, which had increased till May 26, 2022, to $114.22 per barrel, showing an increase of 11.54 percent and value of US dollar on April 10 was Rs186.28, which had swelled by 8.75 percent to Rs202.59. The increase in the dollar value and crude oil price has left the government with no option but to increase the price of petrol and diesel by Rs30 per liter each to plug the bleeding economy. Since then, the PTI government had increased the price of petrol by Rs64.62 per liter to Rs159.86 per liter till February 28, 2022 and price of diesel by Rs58.79 per liter to Rs154.15 per liter. This government swallowed the bitter pill of increasing the POL products to pave way for restoration of the IMF programme to ensure that the fund would release a tranche of $900 million. The PTI government, instead of increasing the price of petrol and diesel by Rs10 each from March 1, had reduced the price of two POL products by Rs10 per liter to Rs149.86 per liter and Rs144.15 per liter, respectively.

The government on Thursday jacked up the price of petrol by Rs 30 per litre with immediate effect.Federal Finance Minister Miftah Ismail told a press...

The price of high-speed diesel (HSD) was also increased by Rs 30 per liter and will now cost Rs 174.15 per liter. Following Rs 30 per liter increase in price of Petrol the new price will be Rs 179.86. The government on Thursday jacked up the price of petrol by Rs 30 per litre with immediate effect.Federal Finance Minister Miftah Ismail told a press conference that the IMF program could not move forward without raising the prices of petroleum products.

VIETNAM, May 27 - A customer at a Petrolimex station in Hà Nội. As business activities recover again, the demand for petrol has increased. — VNA/VNS Photo.

Diesel prices reached VNĐ26,350 per litre, up 47 per cent compared to the beginning of the year and 74.3 per cent over the same period last year and kerosene prices reached VNĐ24,400 per litre, up 48 per cent and 76.6 per cent, respectively. With the leading role in the distribution of petroleum in the domestic market, to ensure uninterrupted supply and timely response to domestic demand, the group has changed its import plan and sought immediate supply with high prices from other suppliers, reducing gross profit margins in the petroleum business. Bình Sơn Refinery (BSR) reported a 65 per cent increase in revenue to VNĐ34.78 trillion; profit after tax reached VNĐ2.3 trillion, up 23.7 per cent. PV OIL (OIL)'s revenue doubled from the same period last year to VNĐ23.29 trillion. However, its Nghi Sơn Refinery and Petrochemical Factory was scheduled to cut production output to below 55-80 per cent. The group said demand recovered after production and business activities gradually returned to a normal pace. Specifically, the price of RON 95-V gasoline in region 1 reached VN Đ31,250 per litre, up 31.3 per cent compared to the beginning of this year and up 59 per cent over the same period last year. In the context of increasing prices, the inventory value of many petrol businesses also increased sharply. During the price management period from May 11 to May 23, the average world price of petrol products reached US$141.4 per barrel, up 64 per cent compared to the beginning of this year. Diesel oil reached $142 per barrel, up 67 per cent and kerosene touched $137.9 per tonne, up 64.6 per cent. According to a report by the Ministry of Industry and Trade, the world petrol market has undergone many great changes in recent years. Considering the five petrol production and trading units listed on the stock exchange, the value of inventory at the end of the first quarter reached VNĐ49.3 trillion, up 47 per cent compared to the beginning of the year.

Petrol price in Delhi today stands at Rs 96.72 a litre as against Rs 105.41 a litre last week, while diesel will cost Rs 89.62 a litre as opposed to Rs 96.67.

The Maharashtra government reduced VAT on one per litre petrol by Rs 2.08 and diesel by Rs 1.44 per litre. The Rajasthan government has reduced VAT on petrol by Rs 2.48 per litre and diesel by Rs 1.16 per litre. Both, Brent and WTI were on path to weekly gains. Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre Retail petrol and diesel prices differ from state to state on account of local taxes like VAT or freight charges.

Petrol and Diesel prices today, 27 May 2022: Petrol price in Hyderabad is Rs. 119.49 per litre, and diesel price at Rs. 105.65 per liter.

Rs. 87.89 Rs. 101.94 Rs. 97.28 Rs. 111.35 Rs. 94.24 Rs. 102.63 Rs. 89.62 Rs. 96.72 Rs. 97.82 Rs. 109.67 Going by the fuel prices at major cities in the country today, the petrol price in Delhi is at Rs. 96.72 per liter and diesel price at Rs. 89.62. The petrol prices in Hyderabad remained at Rs. 109.67 per litre and diesel price is at Rs. 97.82 per litre. The petrol price in Chennai per litre is at Rs. 102.63 and the diesel is priced at Rs. 94.24 per litre.

Petrol, Diesel Prices on Friday: Petrol in Delhi is Rs 96.72 a liter and diesel stands at Rs 89.62.

Petrol: Rs 101.94 per litre Petrol: Rs 109.66 per litre Petrol: Rs 108.65 per litre Petrol: Rs 102.63 per litre Petrol: Rs 106.03 per litre Petrol: Rs 111.35 per litre Petrol: Rs 96.72 per litre The rates of Petrol and, Diesel have seen a sharp reduction after last week finance minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel. Oil prices eased slightly in early Asian trade on Friday, after surging to a two-month high in the previous session as investors focused on signs of tight global supply. Whereas, even today, the costliest petrol in the country is Rs 114.38 per liter in Parbhani in Maharashtra. In Mumbai, petrol currently costs Rs 111.35, while diesel is retailing at Rs 97.28, data available on Indian Oil Corporation’s website showed. Apart from this, the central government charges an excise duty on auto fuels. Petrol in Delhi is Rs 96.72 a liter and diesel stands at Rs 89.62. The cheapest petrol in Port Blair is Rs 84.10 and diesel is Rs 79.74 a litre.

Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel on Saturday.

VAT on petrol was reduced by ₹2.08 per litre and ₹1.44 per litre has been reduced on diesel. In Mumbai, petrol currently costs ₹111.35, while diesel is retailing at ₹97.28, following the reduction of excise duty and VAT. In Chennai, the petrol and diesel prices are at ₹102.65 and ₹94.24 per litre. Jet fuel prices are at a record high in line with the global surge in energy prices. The civil aviation ministry continues to be in discussion with the finance minister over the issue, the source added. The price of petrol in Delhi stands at ₹96.72 per litre while cost of diesel is ₹89.62, as per the data available on Indian Oil Corporation website. "They (civil aviation ministry) have approached us with a plea to moderate the prices.

Finance Minister Miftah Ismail announced Thursday a massive hike in the price of petroleum products after the International Monetary Fund (IMF) emphasised ...

The finance minister noted some burden had to be shifted onto the masses, but despite the massive increase in the price of petroleum products, the government was still bearing losses but vowed to soon strike a staff-level agreement with the Fund. Finance Minister Miftah Ismail announced Thursday a massive hike in the price of petroleum products after the International Monetary Fund (IMF) emphasised abolishing the subsidies on commodities. As the price of petroleum products rises to unprecedented highs, internet users are responding with memes that are both humorous and insightful.

South Africans face record high petrol prices in June as a subsidy to help motorists counter the impact of high crude costs exacerbated by Russia's ...

The price of 95-octane gasoline in Johannesburg, the commercial hub, is currently R21.84 a litre. The government reduced the levy on fuel by 40% in April and May, helping to keep a lid on prices. Absa economists estimated in a research note that gasoline prices could jump by a staggering 16% month-on-month should the R1.50 rand a litre reduction in the fuel levy not be extended.

The Central Energy Fund has forecast a R2.27 and R2.36/litre rise in the price of petrol which would push the fuel price close to R25 a litre while the ...

Speaking at a post-Cabinet meeting media briefing, Mondli Gungubele, Minister in the Presidency, said that on the matter of fuel they took guidance from the ministers of finance and energy.“We are happy that we were able to protect motorists with the General Fuel Levy reduction recently for a period. We have to bear in mind that government have done what they could and have been transparent with the fuel price increases,” he said. It will be difficult for another source to be found as the general fuel levy contributes a large amount to road infrastructure repairs.” We will have to take guidance from the minister of Finance on what measures can possibly be put in place so that we can stay afloat in that matter.” We have called for an urgent public debate on the rising fuel costs and we are pleased that the speaker of the national assembly has granted our request. “The General Fuel Levy accounts for around R 3.93 per litre of fuel.

On Wednesday, the government is planning to increase the price of petrol by around R3.80 per litre, to an outrageous R25 per litre.

We will fight this fight on behalf of every South African battling to make ends meet because we care about their plight. The General Fuel Levy of R3.93 per litre is little more than a corruption tax. Like any other consumer goods, it is only reasonable that the same market competition determines the final price at the pump. As it is, millions of South Africans are already going hungry, and things are about to get a lot worse. By cutting wasteful expenditure on luxuries like catering and entertainment, VIP protection and vehicles, and by uprooting state capture corruption that has cost South Africa at least R1.5trn so far, the General Fuel Levy of R3.93 per litre can be scrapped entirely. There are three elements to the plan. As we did with the R22m flagpole plan, South Africans need to put our national foot down and say a firm NO. According to Tiger Brands, bread, maize meal and baking flour will rise by 15–20% in the coming six months. The second-best time is now. The state-owned Foskor – which has historically produced 80% of SA’s fertiliser requirements – now produces only 20%, owing to ubiquitous cadre-deployment-induced mismanagement. He paints a grim national picture, especially given the impact of the Russian invasion of Ukraine. One example: the blockade of the Ukrainian port of Odessa is trapping 25 million tonnes of grain, equivalent to the annual consumption of all the world’s least developed countries. There are other ways to feed the voracious appetite of the Treasury crocodile besides simplistically hiking petrol prices and risking another populist spree of anarchy as we saw i n KwaZulu-Natal. DA leader John Steenhuisen writes that Wednesday’s R3,80 per litre petrol hike will worsen South Africa’s economic crisis, increase hunger and add to general deprivation, hitting the poorest and most desperate the hardest.

All it took was an announcement of a massive hike in the price of petrol products by the sitting government for meme-makers on Twitter to unite over their ...

This Twitter user is ready to hold a funeral for his motorcycle. All it took was an announcement of a massive hike in the price of petrol products by the sitting government for meme-makers on Twitter to unite over their shared anguish. From horse carts to petrol sachets, Pakistani Twitter users have zany solutions to the petrol price hike

The Organisation Undoing Tax Abuse (Outa) says finance minister Enoch Godongwana has no choice but to extend fuel price relief measures.

“In 2008 in July, when the international oil price was $130 per barrel, we were paying R10.70 per litre of petrol back then. “If he doesn’t, this is a R3.50 increase in one shot. “There was no reduction in the international oil price. That will be the highest once-off increase we’ve had and the highest price we’ve ever paid,” he stated. In fact, it went slightly up. “I think the pressure is being brought to bear on government on this one now,” he said.

John Steenhuisen writes South Africans cannot afford this price hike and shouldn't accept it.

We will fight this fight on behalf of every South African battling to make ends meet, because we care about their plight. The General Fuel Levy of R3.93 per litre is little more than a corruption tax. Like any other consumer good, it is only reasonable that the same market competition determines the final price at the pump. As it is, millions of South Africans are already going hungry, and things are about to get a lot worse. There are three elements to the plan. As we did with the R22 million flagpole plan, South Africans need to put our national foot down and say a firm NO.