Photonews Logo Photonews logo
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Azad Jammu Kashmir
    • Balochistan
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
    Gen V Season 2 trailer
    Videos

    Gen V Season 2 Trailer Cast, Plot, Premiere Details

    July 26, 2025 3 Min Read
    IShowSpeed Daniel La Belle race
    Videos

    IShowSpeed Beats Daniel La Belle in 40-Meter Race, Hits 41M Subscribers

    June 24, 2025 2 Min Read
    Cardi B new single Outside
    Videos

    Cardi B’s ‘Outside’ Single Sparks Buzz Over Offset and Stefon Diggs

    June 20, 2025 2 Min Read
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Reading: Petrol prices may go down by 3%
PhotoNews PakistanPhotoNews Pakistan
Font ResizerAa
Search
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Balochistan
    • Azad Jammu Kashmir
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Have an existing account? Sign In
Follow US
© 2022 Photonews. All Rights Reserved.
PhotoNews Pakistan > Business > Petrol prices may go down by 3%
Business

Petrol prices may go down by 3%

Web Desk
By Web Desk Published July 31, 2015 3 Min Read
Share
SHARE

Islamabad: As global oil prices continue to fluctuate, domestic retail prices of petrol may come down by as much as 3% if the price cuts proposed by the Oil and Gas Regulatory Authority are approved by Prime Minister Nawaz Sharif.

Sources in the petroleum ministry said that they have received Ogra’s proposal for retail price reductions for petrol and diesel, though the proposals are subject to final approval by the prime minister and may run into opposition from the finance ministry. Over the past several months, Finance Minister Ishaq Dar has frequently resisted allowing prices to drop, and frequently proposes temporary tax hikes as a means of keeping prices steady but increasing government revenues.

Over 25% of government revenues come from the energy sector, and much of that comes from oil. As oil prices began declining late last year, the government saw a precipitous drop in its revenues from the taxes on oil, resulting in the fiscal deficit becoming wider.

If Ogra’s proposal were to go through, petrol prices would go down by Rs2.69 per litre, or 3%, to Rs75.10 per litre. High-speed diesel, used mainly by the transportation industry and farmers, would see its prices decline by Rs5.48 per litre, or 6%, to Rs81.63 per litre. Light diesel oil, an industrial fuel, would see its prices drop by Rs6.33 per litre, or 10% to Rs55.18 per litre.

The prices of High-Octane Blended Component (HOBC), a fuel for luxury cars, would see its prices decline by Re1, or just over 1%, to Rs82.81 per litre. Kerosene oil, a fuel used for cooking and lighting by the poorest parts of Pakistan, would see its prices decline by Rs6.33 per litre, or just under 10%, to Rs58.61 per litre.

The final decision on oil prices is expected to be taken by the Prime Minister on Friday. After a summer of severe power outages, the PM may well take the opportunity to offer lower prices on one of the most widely used commodities.

However, given the sustained pressure on international oil prices, with the recent deal between the US and Iran on nuclear matter pushing prices even further down, the government may decide that the opportunity to keep its revenues from oil taxes may be narrowing.

Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Advertisement

HBL Saving Made Easy
HBL Saving Made Easy

Recent Posts

Romeo Beckham and Kim Turnbull Rumors

Romeo Beckham Confirms Reunion with Ex-Girlfriend Kim Turnbull After 6-Month Split

Emma Stone's Bugonia screening

Fans Shave Heads to See Emma Stone’s Bugonia

North Korea missile launch 2025

North Korea Fires Multiple Ballistic Missiles Before Trump-Xi Summit

Post Archives

More Popular from Photonews

Blue Jays World Series 2025
Sports

Blue Jays Clinch 2025 World Series Spot with Game 7 Win Over Mariners

2 Min Read
oil prices US China 2025
Business

Oil Prices Dip on US-China Trade Tensions and Stockpile Fears

2 Min Read
Pakistan economy growth 2026
Business

Pakistan Economy to Grow 3.5% in FY26 Despite Floods, Says FinMin

2 Min Read
Sports

India-Australia Cricket Rivalry Heats Up with Controversial Kayo Promo

The India-Australia white-ball series, starting October 19, 2025, is already simmering with off-field drama. Kayo Sports'…

October 17, 2025
Business

KSE-100 Index Rises 1.31% on IMF Deal and Current Account Surplus

The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) continued its bullish trend, closing at…

October 21, 2025
Pakistan

COAS Munir Urges Taliban to Act Against Terror Proxies

On October 18, 2025, Chief of Army Staff (COAS) Field Marshal Syed Asim Munir delivered a…

October 18, 2025
Pakistan

PM Shehbaz Congratulates KP Chief Minister Assures Cooperation

Islamabad: Prime Minister Shehbaz Sharif on Thursday congratulated Sohail Afridi on his election as the Chief…

October 16, 2025
PhotoNews Pakistan

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

Categories

  • World
  • Pakistan
  • Punjab
  • Sindh
  • Khyber Pakhtunkhwa
  • Balochistan
  • Azad Jammu Kashmir

 

  • Top News
  • Business
  • Entertainment
  • Sports
  • Videos
  • Tech
  • Offbeat
  • Blog

© 2024 Phototnews
All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?