Govt slashes petrol prices

Govt slashes petrol prices

by Rs 10 per litreGovt slashes petrol prices by Rs 10 per liter

The new price of petrol would be Rs 214.80 per liter

Bilawal contradicts Dr. Musadik’s claim of buying cheaper Russian oil

ISLAMABAD: The federal government on Thursday announced to fix the new price of petrol at Rs 214.80 per liter with a reduction of Rs10 in the price of petrol.

While announcing a significant reduction in the prices of petroleum products in Pakistan Television News,

Finance Minister Ishaq Dar said that the new price of high-speed diesel is Rs 227.80

with a reduction of Rs 7.50 per liter, and the new price of kerosene oil is Rs 171.83 with a reduction of Rs 10 per liter.

The Minister said the price of light diesel has been fixed at Rs169 with a reduction of Rs28.28 per liter.

He said that the application of these prices in petroleum will be effective from

midnight of December 15 to December 31, 2022.

Ishaq Dar said that the decrease in the prices of petroleum products is due to

the last quarter of this fiscal year which started on October 1st and continues till December 15th.

He said that the reduction in petroleum prices is a part of Prime Minister Shehbaz

Sharif’s campaign to provide relief to the people and in this regard, the government is focusing its attention on providing relief to the people.

Ministry sources, earlier reported that petrol is currently being purchased at $76 to $77 per barrel. Levy charges on petrol are Rs50 per liter, while sales tax on all petroleum products remains zero.

Sources said that the profit margin of oil marketing companies might also be increased from December 16 on petrol and diesel.

Dr. Musadik and Bilawal make contradictory claims about buying cheaper Russian oil

Earlier this week, following a Pakistani delegation, visit to Moscow, Petroleum Minister

Dr. Musadik Malik told the media that Russia has confirmed the crude oil availability of

100,000 barrels per day to Pakistan and that a delegation from Moscow would visit Islamabad in January to set the terms of a deal, including rates and mode of payment.

Following his Russia visit, Minister of State for Petroleum Musadik Malik,

who led the Pakistan delegation, told a news conference that Russia had confirmed the supply of petroleum products at a “discounted rate”. However, the state minister did not give any indication of the price.

“Russia has confirmed the availability of 100,000 barrels per day of crude oil supply

but has not confirmed the rate yet which will be discussed in January,” a source in the petroleum ministry also said, adding that the visit was scheduled to take place on Januar

He had said that detailed terms and conditions of the discounted oil

Before that visit, the two sides would crystallize proposals to a stage

Pakistan struggles to meet domestic gas supply needs as winter approaches while battling to contain a current account deficit swelled by energy payments, mostly for oil.

The country has been unable to procure Liquefied Natural Gas from the

international market because spot prices remain out of their range and shipments under long-term deals remain insufficient to match rising demand.

Dr. Musadik Malik on Thursday again said the government held negotiations with

the Russian government to purchase crude petroleum oil products. He added that

Moscow had even expressed its desire to sell out its petroleum products to Pakistan at cheaper rates as compared to the international market.

Talking to a private news channel, the state minister said that the coalition government

The state minister maintained that after receiving the petroleum crude oil products from Russia, the inflation would decrease.

Bilawal says Pakistan not pursuing Russian oil

Contrary to Petroleum Minister Dr. Musadik Malik, Foreign Minister Bilawal Bhutto Zardari

— who is in the US for a seven-day visit — has announced that Pakistan “is not pursuing or receiving” any discounted energy from Russia.

In an interview with journalists Amna Nawaz and Judy Woodruff on ‘PBS Newshour’

on December 14, the PPP chairman said: “As far as Russia is concerned,

we aren’t pursuing or receiving any

discounted energy, but we are facing an extremely difficult economic situation, inflation, pump prices.”

He, however, admitted that Pakistan was facing energy insecurity.

“We are exploring various avenues to expand our areas where we can get our energy from,

” FM Bilawal said, adding that “any energy from Russia will take a long time for us to develop.”

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