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Pakistan likely to cut petrol price again

09:35 PM | 13 Jun, 2024
Pakistan likely to cut petrol price again
Source: File photo

In a positive development for inflation-hit masses, the federal government may reduce the petrol price by up to Rs9 per litre starting June 16.

The price of diesel is expected to drop by Rs4 per litre, while kerosene oil rates are likely to decrease by Rs2 per litre, according to oil marketing companies (OMCs) sources.

The final prices will be calculated by the Oil and Gas Regulatory Authority (OGRA) based on global petroleum rates from June 13 and 14.

Pakistan adjusts fuel prices on a fortnightly basis, considering fluctuating international energy market costs and the rupee-dollar exchange rate to reflect the impact on domestic consumers.

With approximately 85% of Pakistan's oil needs being imported, the country faces a balance of payments problem and soaring inflation.

If approved, the price of petrol would decrease to Rs259.36 per litre from the current Rs268.36 per litre. High-speed diesel would be sold at Rs266.22, down from the existing price of Rs270.22 per litre.

The federal government had previously reduced petrol and diesel prices by Rs4.74 and Rs3.86, respectively, on May 31.

Additionally, the government has proposed increasing the petroleum development levy (PDL) from Rs60 to Rs80 for the next fiscal year starting July 1. Finance Minister Muhammad Aurangzeb has indicated that this increase would be gradual rather than implemented all at once.

Daily Pakistan Global Web Desk

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US Dollar, Euro, Pound, Dirham, Riyal Rate in Pakistan Today Open Market Rates - 15 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 15, 2024 (Monday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.8 for buying and 280.75 for selling. Euro's buying rate moves up to 301.25 and selling rate is 303.15.

British Pound rate is 355.15 for buying, and 358.65 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal lowered to 73.65.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 08:00 AM)       
Currency Symbol Buying Selling
US Dollar USD 279.8 280.75
Euro EUR 301.25 303.15
UK Pound Sterling GBP 355.15 358.65
U.A.E Dirham AED 76.5 77.25
Saudi Riyal SAR 73.65 74.37
Australian Dollar AUD 184.55 186.35
Bahrain Dinar BHD 741 749
Canadian Dollar CAD 203.75 205.75
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.33 3.43
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 309.15 311.65
Thai Bhat THB 7.5 7.65



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