Latest news with #fuelhike
Arab News
01-07-2025
- Business
- Arab News
Pakistan hikes petrol price by Rs8.36 per liter till next fortnight
ISLAMABAD: Pakistan's government has increased the price of petrol by Rs8.36 per liter and the price of high-speed diesel (HSD) by Rs10.39 per liter till the next fortnight, a notification by the Finance Division said on Monday. The new prices of petroleum products became effective from July 1. As per the notification, the price of petrol has surged from Rs258.43 to Rs266.79 per liter while the price of HSD has increased from Rs262.59 to Rs272.98 per liter after the hike. 'The Government has decided to revise the prices of petroleum products for the fortnight starting today, based on the recommendations of OGRA & the relevant Ministries,' the notification said. The government did not provide a specific explanation for the hike, however, fuel prices in Pakistan are generally influenced by global oil market trends, currency fluctuations and changes in domestic taxes. Fuel costs are revised every two weeks and have a direct impact on inflation. Rising fuel prices increase production and transportation costs, leading to higher prices for goods and services across the board in Pakistan, including food and other essential items. This direct relationship is further amplified by the country's dependence on imported fuel. This is the second consecutive time the government has hiked prices of petroleum products. On June 16, the Finance Division announced increasing fuel prices by raising HSD's rate by Rs7.95 per liter and petrol by Rs4.80 per liter. The development takes place after Pakistan last week approved a 10 percent increase in natural gas prices for industrial users and power plants from July, in line with reforms mandated by the International Monetary Fund (IMF) to ensure cost recovery and tariff rationalization, the Finance Division said.
Yahoo
25-06-2025
- Automotive
- Yahoo
Petrol price warning after sudden 60 cents a litre price hike: 'Unjustified'
Australian drivers are being warned to fill up their cars now as unleaded petrol prices soar by almost 60 cents per litre at stations in some parts of the country. Servos have been put on notice over fuel price spikes and warned not to take advantage of drivers as the Israel-Iran conflict causes volatility. Fuel companies in Brisbane and on the Gold Coast are currently increasing unleaded prices from a low of 160 cents per litre to a high of 219.9 cents per litre, according to RACQ. It's the highest prices have been in the southeast of the state for nearly 12 months. RACQ head of public policy Dr Michael Kane said taking into account all market factors, the group would expect prices to spike at an absolute maximum of 207 or 209 cents per litre. RELATED Price hike warning for Aussies travelling to Europe as US-Iran tensions escalate ATO $1,519 cash boost heading for Aussies in weeks Centrelink payment alert for 58,000 Aussies in caravans 'We're currently in the price hike phase of the fuel cycle and while we usually see prices jump, an almost 60 cent hike is unjustified and unfair,' Kane said. 'We're seeing a lot of blame for these higher prices fall on international factors, like the conflict in the Middle East and volatile global oil prices, but these haven't led to a significant increase in wholesale fuel prices, so the massive spike at the bowser doesn't add up. 'Fuel companies in the southeast have a lot to answer for, with some retail margins as high as 52 cents a litre.'Retail fuel prices in Australia are largely determined by global factors influencing international crude oil and refined fuel prices, along with the value of the Australian-US dollar exchange rate, according to the Australian Competition and Consumer Commission (ACCC). Local factors such as the level of competition can also affect retail prices. Cities follow different petrol price cycles, with the consumer watchdog noting that prices in Sydney, Melbourne, Adelaide and Perth were decreasing or facing the bottom of the cycle. In comparison, prices in Brisbane are increasing. Treasurer Jim Chalmers wrote to the consumer watchdog on Tuesday requesting it to be on the lookout for petrol stations using the tensions in the Middle East as an excuse to 'opportunistically' hike petrol prices by more than necessary. Chalmers noted that global oil prices had been pushed up by more than 25 per cent since the start of June from around $62 per barrel to around $79 at the start of the week, before moderating following the ceasefire announcement. "We don't want to see service stations do the wrong thing by Australian motorists,' Chalmers said. "We want to make sure that the market is operating effectively when it comes to the petrol price and what's happening with this volatility in the global oil price, but we call on the service stations to do the right thing by their customers.' Oil prices dropped following the Israel-Iran ceasefire, with Brent crude futures down 5 per cent to $US67.90 a barrel. NRMA spokesperson Peter Khoury has warned fuel prices were likely to increase, but not by as much as some fear. On average, he said drivers were likely to pay about 8 cents more a litre at the bowser. RACQ said cheaper fuel was still available at around 50 per cent of service stations in Brisbane and 60 per cent on the Gold Coast. The group has urged motorists in the region to fill up their tanks now and aim to pay 170 cents per litre or less for regular unleaded. 'Do not go into the weekend with an empty tank, fill up now, and support the service stations that haven't hiked their prices yet,' Kane in to access your portfolio
