No change in prices of petroleum products: Ishaq Dar

Published October 15, 2022
Finance Minister Ishaq Dar speaks in a video message from Washington, US, Oct 15. — DawnNewsTV
Finance Minister Ishaq Dar speaks in a video message from Washington, US, Oct 15. — DawnNewsTV

Finance Minister Ishaq Dar on Saturday announced that there would be no change in the prices of petroleum products for the next fortnight.

In a video message from Washington, where he is participating in the International Monetary Fund and World Bank annual meetings, Dar said the Oil and Gas Regulatory Authority’s fuel price summary was received by the finance ministry, adding that it had an “insignificant” price decrease recommendation for petrol and price increase recommendation for kerosene, light diesel oil (LDO) and high-speed diesel (HSD).

“I discussed with the prime minister and it was decided that we will not change the prices of all four products and they will remain the same till October 31,” he said, adding that there would be no increase or decrease.

The current price for petrol price is Rs224.80 per litre, Rs235.30 for HSD, Rs186.50 for LDO and Rs191.83 for kerosene.

A day ago, Dawn reported that despite a 14 per cent appreciation of the rupee against the dollar, the prices of three major petroleum products were estimated to go up by Rs5 to 12 per litre and that of petrol to drop by almost Rs11 per litre on Oct 15 for next fortnight if the government maintained its existing tax rates.

Based on existing tax rates, the ex-depot price of petrol was estimated to come down by Rs10.75 per litre to about Rs214. Conversely, the price of HSD was estimated to increase by Rs11.50 per litre to about Rs247. Likewise, the prices of kerosene and LDO were estimated to be higher by Rs4.50 and Rs7.50 per litre to about Rs196 and Rs194 per litre, respectively.

The benchmark international crude prices had dropped over the last couple of weeks but because of refining capacity constraints, refining margins and premiums on HSD had increased over the same period, resulting in a higher cost impact on HSD imports to Pakistan. The crude prices again started an upward journey this week after production cuts announced by the major oil exporting countries but these would translate to price changes in the next fortnight beginning November 1.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Moral visions

Moral visions

In Pakistan’s current space-time configuration, the language of politics has changed dramatically.

Editorial

Prime minister’s challenge
Updated 04 Mar, 2024

Prime minister’s challenge

Shehbaz should remember that his govt will be walking a tightrope: policy confusion can quickly snowball into a national disaster.
Close to midnight
04 Mar, 2024

Close to midnight

THE Ukraine war has entered its third year, with no signs of a peaceful resolution. If anything, the principal...
Losing history
04 Mar, 2024

Losing history

WHILE we have history strewn all over, the debate around pro-preservation development is not loud enough. Last week,...
Little respite
03 Mar, 2024

Little respite

IS inflation on its way out? The Consumer Price Index showed that inflation dropped to 23.1pc in February from ...
More slaughter
Updated 03 Mar, 2024

More slaughter

Israel’s extremist leaders are on an apocalyptic mission to ethnically cleanse Gaza.
Without VCs
03 Mar, 2024

Without VCs

THE delay in appointing vice chancellors across Pakistan’s universities has mushroomed into a crisis, with one...