Pakistan considers revising petrol prices weekly to end oil industry's woes

02:32 PM | 26 Nov, 2023
Pakistan considers revising petrol prices weekly to end oil industry's woes
Source: File Photo

KARACHI – Pakistan's interim government has decided to revise petroleum prices weekly, ending the current fortnightly pricing mechanism.

Reports in local media said Oil and Gas Regulatory Authority (OGRA) takes weekly revisions in fuel prices under consideration to address challenges faced by the oil industry, particularly in mitigating inventory losses.

Before taking the major step, the caretaker government has sought recommendations from all stakeholders and the Petroleum Dealers Association. 

In this regard, OGRA has sent letters to stakeholders for opinions, outlining the advantages and drawbacks of the weekly pricing mechanism.

The switch of price decision mechanism stemmed from downward revisions in petroleum product prices that caused inventory losses for the oil industry. The new system will fix occurrence of artificial shortages allegedly caused by dealers during price reviews. 

After getting comments from all stakeholders, OGRA will submit recommendations to the Petroleum Division for review. Economic Coordination Committee (ECC) will make the final decision in this regard.

Daily Pakistan Global Web Desk


Pakistani rupee exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 26 Feb 2024

Pakistani currency remains stable against US dollar in the open market on February 26, 2024 (Monday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 26 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94


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