Fuel prices to witness major decline after PM Imran Khan’s intervention: sources

[Morpheus]

Fuel prices to witness major decline after PM Imran Khan’s intervention: sources
Laiq Ur Rehman On Jun 30, 2020 Last updated Jul 1, 2020

ISLAMABAD: Petroleum prices in the country are likely to go down by Rs 10 per litre after intervention from the Prime Minister Imran Khan, ARY NEWS reported citing sources.

According to sources, the prime minister has directed the concerned officials to immediately reduce fuel prices in the country.

“The finance division has started implementation on the PM Imran Khan’s directives,” they said adding that a deduction would be made in petroleum levy collected by the government on petrol and diesel prices, bringing their per litre prices down by Rs 10.

It is pertinent to mention here that in a bombshell development, Federal government increased petrol price by Rs25.58 after decreasing it a short while back resulting in a countrywide scarcity.

According to a notification issued by the government on the matter, the new price for a litre of petrol is now Rs100.10.

Light diesel’s new price is Rs55.98 per litre registering an increase of Rs17.84 whereas kerosene oil’s new price would now be Rs59.06 per litre with an increase of Rs23.50.

Read More: Won’t tolerate petroleum shortage at any cost: PM Imran

Federal Minister for Power and Petroleum Omar Ayub Khan on Saturday defended the recent hike in fuel prices, saying that the government revised prices of petroleum products keeping in view rising oil prices trend in the global market.

Speaking in the National Assembly, the minister said that petrol prices are still lower in Pakistan as compared to the global market.

Omar Ayub said petrol prices are higher in Bangladesh, India and other countries of the region. He said the increase made in fuel Pakistan in Pakistan is still less than when compared with other regional countries.

https://arynews.tv/en/fuel-prices-pm-imran-khans-intervention/

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[Syed1.]

Is par bhi gaaliyan hi parhni hain Immy ko. I remember even when prices were reduced by Rs. 42 some people were abusing him because they thought that oil is free in the international market now and government should actually pay the consumers for filling up. This nation deserves Nawaz and Zardari.

 

[Oracle]

They always do that
First increase 25 Rs and then reduce 5 to 10 Rs to give a relief

 

[Morpheus]

Is par bhi gaaliyan hi parhni hain Immy ko. I remember even when prices were reduced by Rs. 42 some people were abusing him because they thought that oil is free in the international market now and government should actually pay the consumers for filling up. This nation deserves Nawaz and Zardari.

Complainers. Nothing can please them.

 

[RIP Pak LAW]

Dair se aye magur durst aye. Should had been sorted out earlier. Again signs of bad governance (inexperienced to be exact). I hope moving forward, Govt will keep a strict eye on this petroleum mafia.

Lastly, anything less than Rs 100 is a relief.

 

[Morpheus]

Lastly, anything less than Rs 100 is a relief.

Its 100 now. Breakeven?

 

[Bilal.]

Shouldn’t do this in my opinion. This will be a knee jerk reaction. The Brent is on the rise and we will be forced to adjust again very soon. So keep this cushion and use it to adjust further rise in Brent. Stabilize the price don’t keep moving it here and there. Very bad move if this is done.

 

[RIP Pak LAW]

Its 100 now. Breakeven?

It was Rs 112 in Feb. So Rs 100 still is not that bad. Though in media its like Rs 1000.

In these corona times, huge increase all a sudden is politically not correct. Govt shouldn't had decreased the oil price as low as Rs 74 at first place. That's where they dropped the ball in the name relief.

 

[Village life]

Machaivelli tactics , not working todays world,

 

[I S I]

Raato raat ameero ke bank accounts main mazeed arbo ka izafa karke... chalo ab 10 rupe kam kardete hain, awaam khush ho kar bhool jaegi sub. Harampaiya of niazi govt.

 

[Syed1.]

Raato raat ameero ke bank accounts main mazeed arbo ka izafa karke... chalo ab 10 rupe kam kardete hain, awaam khush ho kar bhool jaegi sub. Harampaiya of niazi govt.

Whose harampayi it was when fuel was 120 in 2013?

 

[RIP Pak LAW]

Whose harampayi it was when fuel was 120 in 2013?

and Rs 147 in 2012 once.....woh harampayi inko yaad nahi..no wonder ppl hate pipliyeh and noonytoons to the core now

 

[I S I]

Whose harampayi it was when fuel was 120 in 2013?

OPEC? Or you can even blame ganjas too.

and Rs 147 in 2012 once.....woh harampayi inko yaad nahi..no wonder ppl hate pipliyeh and noonytoons to the core now

Are you trying to imply that Imran has extracted oil from his bani gala's occupied land & is selling it at inflatable rates to poor Pakistanis? Lmao

 

[RIP Pak LAW]

OPEC? Or you can even blame ganjas too.


Are you trying to imply that Imran has extracted oil from his bani gala's occupied land & is selling it at inflatable rates to poor Pakistanis? Lmao

And are you trying to say that Govt has deliberately increased the prices than what it has to be. Since most of you noonies are not well informed, I would like to share this article for your knowledge.

https://oilprice.com/Latest-Energy-...es-Its-Oil-Prices-By-Most-In-Two-Decades.html

By Irina Slav - Jun 08, 2020, 9:30 AM CDT

Saudi Arabia sharply raised its official selling prices for crude oil, removing almost completely the deep discounts it had in place to preserve its market share during the price war it waged on Russia in March.

Bloomberg cites a pricing list of Aramco, which reveals the target of the price hikes will be Asia: the Saudis’ largest export market. The list, according to the report, reveals the sharpest price hike in at least twenty years, which in turn followed the sharpest cut in prices in 30 years.

The hike comes on the heels of an agreement with Saudi Arabia’s OPEC+ partners to extend the deep production cuts they agreed in April until the end of July. The hike expectedly resulted in a rise in benchmarks that brought Brent crude above $40, to $43.17 a barrel at the time of writing, and West Texas Intermediate to $40.15 a barrel at the time of writing.

However, Asian oil buyers have likely gotten used to cheap oil. They have also likely filled their storage facilities during the crisis, especially in China. This might mean that orders for Saudi oil further down the road may decline. And it’s just not out of love for cheap oil. Asian refiners are fighting slimming margins as Chinese teapots add hundreds of thousands of new refining capacity to an already oversupplied market. For them, low prices are a necessity rather than a preference.

And yet, now that Saudi Arabia has hiked its official selling prices, other Gulf producers might do the same, Bloomberg’s Anthony Di Paola notes. This has already raised concern among not just Asian but also European refiners, Di Paola said. It was to be expected, as the refining industry has been battered no less than the upstream, if not worse, with air traffic almost grinding to a halt and road transport severely restricted because of the lockdowns.

By Irina Slav for Oilprice.com

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Pakistan buys her oil from Saudia.

 

[I S I]

Pakistan buys her oil from Saudia.

OH thanks for that captain obvious. I thought we were importing it from Area 51 in ganja brathrans time hence the high price in 2013 & onwards. Thanks Saudia for selling us cheap oil in Imran niazi term even though rates are same. Hamara handsum pm 200 per litre bhi barha de raato raat to hum leinge. Death to ganja brathrans.
@El Sidd