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Petrol price likely to remain unchanged in next fortnightly review

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  • Petrol prices to hold steady in next review.
  • Diesel and kerosene prices to decline from Dec 1.
  • Next fortnightly review due tomorrow (Nov 31).

KARACHI: The prices of petroleum products will not see any major change in the upcoming fortnightly review with diesel and kerosene rates expected to go down slightly, according to the industry calculations.

According to a The News report published Thursday, the ex-refinery and ex-depot prices of petroleum products did not register any major fluctuation as global crude prices eased in recent days.

The ex-depot price of petrol, the most widely used fuel in the country, is slightly higher by Rs0.19 per litre to Rs281.53 per litre compared to the current price of Rs281.34, industry officials said.

The ex-depot price of high speed diesel (HSD), used mainly for transport, has been worked out at Rs290.47 per litre for the next fortnight compared to the existing price of Rs296.71 , showing a decline of Rs6.24 rupees per litre.

The ex-depot price of kerosene, used for cooking and lighting in rural areas, has been worked out at Rs202.16 per litre compared to the current price of Rs204.98, indicating a decrease of Rs2.82 per litre.

The ex-depot price of light speed diesel, another variant of diesel, has been worked out at Rs176.18 per litre for the next review against the present price of Rs180.45, registering a decline of Rs4.27 per litre, the report stated.

According to the industry’s working, the estimated exchange adjustment of petrol is zero whereas it is Rs1.80 per litre for HSD.

However, the industry officials said that the prices of petroleum products can change with the exchange loss as the industry did not put the exchange loss figure in its working for the next review.

The country fixes fuel prices on a fortnightly basis after evaluating fluctuating international energy market costs and the rupee-dollar parity to transfer the impact on domestic consumers.

They said global oil prices remained under pressure during November, falling below $75 a barrel in mid-November.

WTI was trading at $76.5 a barrel on November 29, down by nearly 7% as compared to October 29. Brent was down by 5.4% in the past month, trading at $86.35 a barrel, they added.

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An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

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The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

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Weekly inflation in Pakistan increased by 0.17 percent.

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The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

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The price of gold has drastically dropped in Pakistan.

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As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.

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