The Price of New Petroleum Products

The financial sector on Saturday notified the price of new petroleum products, which fell 5.8 percent in the month of September, due to falling prices in the international market. According to the statement, the purchase price of gasoline decreased from Rs4.59 per liter to Rs113.24 per liter, which became effective at Rs117.83 per liter since September 1. Similarly, the price of high speed diesel (HSD) has fallen from Rs132.47 to Rs127.14 per liter previously, by Rs5.33 per liter. The new purchase price includes the impact of taxes and distribution costs.

The average purchase price

The average purchase price of gasoline, including tariffs during the last import period, is Rs71.89 per liter and HSD Rs82.06 per liter before taxes and distribution costs. The finance minister claimed that the final purchase price of gasoline under Rs parity was significantly lower than that of regional markets such as India at Rs168.25 per liter. Sri Lanka Rs144.15 per liter and Bangladesh Rs168.79 per liter. It is worth mentioning that the Oil and Gas Regulatory Authority (Ogra) achieved a reduction of Rs7.67 per liter of HSD, but the government only passed a decrease of Rs5.33 per liter. 

During the gasoline period, the overall reductions recommended by Ogra were delivered to the end consumer. Similarly, the overall impact on the price of kerosene and diesel prices (LDO) has been transferred to the end consumer. The government reduced Rs4.27 per liter, Rs99.57 per liter to Rs99.57 per liter, while LDO decreased Rs5.63 per liter and Rs97.52 to Rs91.89 liters. The Minister of Finance said the oil price calculation procedure is determined by Ogra using actual orders for HSD and gasoline in Pakistan's oil.

Ogra adds predefined costs like freight, port handling and oil marketing company / retailer margins. For three months, the general sales tax was fixed at 17pc when it rose to 71pc in HSD in fiscal year 2015-16. Moreover, oil development Levi is fixed. Therefore, Ogra will be notified of changes in the purchase price of the PSO during the last income period. It also explained that if international prices show a downward trend, they will occur between 30-40 days and may change depending on exchange rate fluctuations.

The Oil Export Organization

The Oil Export Organization (Opec) and its ally Opec + are 24 oil producer groups, including Russia and Saudi Arabia, are you finally ready to give up 'whatever your strategy' is? The group struggled to raise crude oil futures this year because of deteriorating global oil demand growth prospects and long-term trade disputes between the United States and China. In the process, Opec's share of the world oil market this year fell to its lowest level at 30% in August of this year. Did their strategy work? Obviously not.

Despite these efforts, the oil market has fallen by almost 20pc from a year ago, as the US and China trade wars have become fierce and the costs for the global economy become more apparent. For the time being, the oil market seems to be more focused on the trade war between the US and China. Reduced production does not really affect the spirit of the market. Opec + does not forget all of this. Reached the limit to control and influence the world oil market.

Therefore, some say that the group is currently changing the current strategy affecting the market by changing strategy, giving up processes and reducing production. The policy has also reduced market share. New signs are appearing. Opec + is still in excess of the output quota as agreed in the production limit agreement, but Opec has already begun unhandling the output.

Saudi Arabia's production, Saudi Arabia's crude oil and condensate exports have increased, and the UAE has increased by 300,000 bps. Iraq's exports also increased by 150,000bpd. Russia's largest non-Opec member, who signed a contract to cut production, also increased production in August.

Against the background above, Opec and non Opec partners will meet in Abu Dhabi later this week to review the progress in stabilizing the global oil market by managing the group's production. In changing market scenarios, some Opec players are becoming increasingly difficult to comply with game rules under an array of output limits. They can't keep losing market share.

The price hikes of several items

In the face of serious public criticism over the price hikes of several items used every day, including Lotis and naans, the federal government took the old gas tariff on the country's Tandors on Saturday to withdraw the new tariffs, which went into effect on July 1. I decided to restore. On Saturday, the Department of Energy (Oil Ministry) made a decision in protest of Tandor owners and workers (Na Bai Bai) who witnessed a national strike on gas tariff hikes. But they withdrew the strike after the government announced the recovery of previous tariffs. Notification of this effect is expected to be announced by oil and gas regulators soon.

However, the government avoided easing gas bills to commercial consumers who run small roadside restaurants, restaurants, and restaurants with tandoori, where a large number of workers and middle class people eat daily. Punjab and Khyber Pakhtunkhwa, which is supplied by Sui Northern Gas Pipelines Limited, has 3,000 commercial consumers operating tandoors for roti or eggs, and prices have risen from Rs15 to Rs10 and Rs20 to Rs12, respectively, due to over 70.

Rate of increase in tariffs and increases in prices of flour and other related products. The number of such doors ranges from 2,000 to 2,500 in Sindh and Balochistan, where gas is supplied by Sui Southern Gas Company. Many poor and wealthy people buy roti and eggs from warheads, ”official sources said. Recovering existing tariffs on burnt doors is a positive step, but the government should reduce tariffs for commercial consumers who run small roadside restaurants / hotels with ballistics," he added.

According to the SNGPL

Gas prices for burnt door commercial consumers have been reduced from Rs 1,283 per mmbtu to Rs738 per mmbtu, according to the SNGPL. SNGPL decided to support burnt door commercial consumers as determined by the federal government. The consumer must contact the appropriate SNGPL office in Punjab and Customs to request a modification of the bill due to the increase in gas rates. ”, Read the press release issued by SNGPL.

Meanwhile, the former Pakistan Union Union (APTUF) criticized the decision that the government was making the lives of the poor poor. This is not the Awa US government because there is no poor policy. This decision is just an eye wash because it can be applied to roadside restaurants where most of the poor people who spend most of their days outside the home eat," said Rubyina Jamil, APTUF Secretary General.
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