Oil prices see steep rise: Petrol up by Rs3.56 to Rs88.07 per litre

Muhammad Irfan 08:32 PM | 28 Feb, 2018
Oil prices see steep rise: Petrol up by Rs3.56 to Rs88.07 per litre
ISLAMABAD - The Ministry of Finance has approved Rs3.56 per litre increase in the price of petrol on Wednesday.

It may be added that the Oil and Gas Regulatory Authority (OGRA) and the Ministry of Energy had proposed increase in the prices of the petroleum products including a Rs.6.94 per litre raise in the price of diesel. However, it was increased by Rs. 2.62 per litre.

The new price of diesel (HSD) would be Rs. 98.45 per litre, Motor Spirit Rs. 88.07 per litre, SKO Rs 76.46 per litre and LDO Rs.65.30 per litre.

The government has approved prices of different petroleum products for the month of March 2018 as under:

Oil and Gas Regulatory Authority (OGRA) proposed a hike in the prices of several petroleum products which was approved by the government just before the start of the new month.

Based on existing tax rates and import prices reported by Pakistan State Oil (PSO), the Oil and Gas Regulatory Authority (OGRA) on Tuesday worked out an increase of Rs6.94 per litre in the prices of HSD and Rs3.56 per litre in motor gasoline (petrol) for March. The regulator also recommended Rs6.28 and Re1 per litre increase in the prices of kerosene and LDO respectively.

Interestingly, next month’s prices have been worked out on the basis of higher-than-notified tax rates on the orders of the Ministry of Finance to enable the government to announce a relatively lower rate for political objectives.

In an order, the finance ministry has ordered calculation of prices on the basis of 31 per cent GST on high-speed diesel (HSD) and 17pc on all the other products. This is despite the fact that notified-GST rate on HSD at present is 25.5pc, 7.5pc on kerosene and light diesel oil (LDO) and 17pc on petrol.

In addition, the government is also charging Rs8 per litre petroleum levy on HSD, Rs10 per litre on petrol and Rs6 and Rs3 per litre on kerosene and LDO, respectively.

Muhammad Irfan

The writer is a staff member. He has been affiliated with Pakistan's leading English newspapers and worked as News Producer at FM 107.4. Death (as...he is a station, and death is a longest journey from seen to ...


KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on February 7, 2022 (Tuesday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 279 282
Euro EUR 296.67 297.26
UK Pound Sterling GBP 331.71 332.41
U.A.E Dirham AED 74.8 75.1
Saudi Riyal SAR 73.21 73.51
Australian Dollar AUD 190.31 192.72
Bahrain Dinar BHD 732.23 740.23
Canadian Dollar CAD 205.22 207.42
China Yuan CNY 40.72 41.12
Danish Krone DKK 39.92 40.32
Hong Kong Dollar HKD 35.08 35.43
Indian Rupee INR 3.35 3.46
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 900.32 909.32
Malaysian Ringgit MYR 64.65 65.25
New Zealand Dollar NZD 174.19 176.19
Norwegians Krone NOK 27.12 27.42
Omani Riyal OMR 715.11 723.11
Qatari Riyal ‎QAR 75.64 76.34
Singapore Dollar SGD 208.03 210.03
Swedish Korona SEK 26.1 26.4
Swiss Franc CHF 297.31 299.81
Thai Bhat THB 8.25 8.4

KARACHI – The gold price in Pakistan dropped by Rs4,300 per tola to reach Rs200,000 on Tuesday as it lost ground on second consecutive day after witnessing mostly bullish trend last week.

As per the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 10 grams of 24 carats gold decreased by Rs3,686 to settle at Rs171,468.

On Monday, the gold price witnessed a drop of Rs200 per tola to close at Rs204,300.

In the international market, the commodity dropped by $1 to reach $1,869 per ounce.

Meanwhile, silver prices in the domestic market slumped by Rs20 per tola and Rs17.14 per 10 grams to reach at Rs2,230 and Rs1,911, respectively.


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