Tag: HOBC
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International petrol, diesel prices drop, but no relief for Pakistanis
The government has decided not to reduce the prices of diesel and petrol for local consumers, despite a significant decrease in their international prices. This decision is intended to offset previous exchange losses and raise taxation. On February 28, 2023, the average fortnightly prices of petrol and diesel in the global market will be used…
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Petrol price likely to rise by Rs20 per litre in upcoming review
Oil industry sources report that there may be a Rs20 per litre increase in petrol prices at the upcoming review on February 15, 2023. The increase is based on calculations of the international price of petrol, specifically on a free on board (FOB) basis. During the previous fortnightly review of fuel prices, the government implemented…
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Pakistan has enough petrol for 20 days: Musadik Malik refutes fuel shortage rumours
On Tuesday, many petrol stations in the cities of Punjab were closed, causing inconvenience for commuters searching for fuel. However, State Minister for Petroleum, Musadik Malik, refuted reports of a nationwide fuel shortage. Despite a recent increase of Rs35 per litre in petrol and diesel prices, consumers are still facing difficulties due to limited supply.…
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‘Misleading and incorrect’: OGRA rejects speculations about massive petrol price hike
The Oil and Gas Regulatory Authority (OGRA) on Saturday rubbished rumours about a whooping increase of Rs80 per litre in petrol price. “It has been observed that speculative prices of gasoline and diesel are being reported in the print and electronic media since last evening, which is misleading and incorrect,” an OGRA spokesman said in…
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Govt expected to increase petroleum levy on diesel
The government is expected to raise the petroleum levy beginning tomorrow, implying that diesel customers are unlikely to receive any relief. Finance Minister Ishaq Dar is also anticipated to maintain the oil prices for the first two weeks of December. The government now has the flexibility to raise the rate of PL on diesel, a…
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Mazeed mehnga petrol: Oil prices may go up by Rs4 per litre
The government is expected to marginally increase the price of petroleum products for the next two weeks in order to collect revenue from local consumers. According to an official of the Petroleum Division, price increases for petroleum products may range from Rs3 to Rs4 per litre. He noted that in order to fulfill its promise…
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Pakistan has sufficient petrol and diesel to meet domestic demand: Petroleum Division
The Petroleum Division said on Tuesday that the country has sufficient petrol and High-Speed Diesel (HSD) in stock to meet domestic demand after allowing Oil Marketing Companies (OMCs) to recover Rs10 per litre on HSD for the next two months (November-December 2022) by raising the premium limit to $15 per barrel. The OCAC had cautioned…
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Oil industry warns OGRA of looming petrol, diesel shortage
Due to limited imports and constrained domestic supplies, the oil industry has warned the government that the country may witness a shortage of petrol and high-speed diesel (HSD) in the upcoming days. The Oil & Gas Regulatory Authority (OGRA) has been written about the shortfall by the Oil Companies Advisory Council (OCAC), an organisation that…
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Govt increases petroleum levy by Rs14.84 to Rs47.26
The government has increased the Petroleum Levy (PL) on petrol by Rs14.84 to Rs47.26 per litre, while decreasing it on diesel, with immediate effect from October 16, 2022, maintaining the prices at Rs224.80 and Rs235.30 per litre, respectively. From October 1, 2022, the PL for petrol was Rs32.42. The rise in the petroleum levy on…
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Petroleum sales increase by 23% in March, despite hefty oil prices
Petroleum product sales rebounded in the last month after a dismal February with Oil marketing companies (OMC) witnessing an increase of 23 per cent in sales of petroleum products on a year-over-year (YoY) basis in March 2022. Overall petroleum sales in March 2022, increased to 1.82 million tonnes compared to 1.54 million tonnes in March 2021,…