Tag: petrol price in pakistan today increase

today Petrol Price In Pakistan - Expected fuel prices

Petrol and Diesel Prices are Likely To Increase From November 1

The price of petrol in Pakistan is likely to increase by Rs 3.55 per litre. While the price of diesel may increase by 0.82 rupees per liter. On October 16, the caretaker government had reduced the price of petrol by Rs 40 and diesel by Rs 15 per litre.

However, due to the increase in oil prices at the global level, there is a possibility of an increase in the prices of petrol and diesel in Pakistan as well. It should be noted that international petrol and diesel prices have increased by $3.14 and $1.14 per barrel respectively. On the other hand, due to the tension in the Middle East in the global market, rising oil prices have stopped.

Solar Panel Prices In Pakistan Have Declined As The PKR Strengthened

According to foreign media reports, the price of British crude oil fell below the level of 90 dollars and the price of American crude oil fell below the level of 84 dollars per barrel after fears of a decrease in the supply of oil in the world market.

Oil prices fell by more than two percent. It has been reported that the price of British crude oil per barrel is trading at the level of 88 dollars while the price of American crude oil is trading at the level of 83 dollars. It should be noted that until a few days ago, the price of crude oil in the world market reached the level of 80 dollars per barrel.

However, due to the tense situation in the Middle East, there were fears that the supply of oil in the world market would be affected. After which oil prices increased significantly and by last week the prices went above the level of 90 dollars per barrel.

It should also be remembered that until a few weeks ago, due to the balance of oil supply and demand in the world market, the price of oil per barrel had fallen to the level of 65 dollars.

However, Saudi Arabia announced a reduction in oil production, due to which the prices of crude oil in the world market started to fly high again. Experts were predicting that by the end of this year, the price of oil per barrel could go up to 100 dollars.

petrol price

Bad News: Will Petrol Be Cheaper In Pakistan From June 1?

Imported Russian oil will take time to impact fuel prices, explains Minister of State for Petroleum Musadik Malik.

Minister of State for Petroleum Musadik Malik said that fuel prices will not fall immediately as a result of cheap oil imports from Russia, but will see a gradual decline once oil supplies from Moscow continue. He added that for now the prices will remain the same.

Govt Has Reduced The Prices Of Ghee And Cooking Oil In Pakistan

In a pre-recorded video message played at the Pakistan Energy Conference 2023, the minister said “Importing oil from Russia is not [just] a promise. It is not just talk. The ships have arrived in Oman and the supply of cheap Russian oil to Pakistan will start in a week.

Asked whether Pakistan would pursue more Russian imports, he said, “If we can find cheap energy sources today, we will go there.”

today Petrol Price In Pakistan - Expected fuel prices

Petrol Price In Pakistan Is Ready To Adjust On April 30, 2023

Petrol Price In Pakistan on April 30, 2023

Pakistan is ready to adjust petrol prices on April 30, 2023, which maintains current exchange rates and maintains current oil prices in international markets. With the next review of the first half of May 2023 this month, The petrol price in Pakistan is changed every two weeks.

In the past one year, international oil prices have seen a massive decline. For example, The benchmark Brent crude oil fell by 18.51 percent from $96.07 per barrel on April 25, 2022, to $78.29 by April 25, 2023. On the contrary, fuel prices have increased by more than 100 % in domestic markets. For example, a sensitive price indicator (SPI) inflation report released by PBS for the week ended on April 13, 2023 shows that diesel prices have increased by 102.84 % and Petrol has increased by 81.17 %.

The decline of Pakistani rupee against the dollar is an important factor behind the increase in petroleum prices in domestic markets. A year ago, the same day, compared to the Pakistani Rupees 185.92, by 20 April 2023, the local currency declined by 52.47 % by 283.47.

Experts believe that despite the recent drop in international oil prices, the government may not be in a position to reduce local prices due to the need to reduce rupee and generate income. As a net importer of petroleum products to meet local demand, no change in exchange rates and international oil prices can affect domestic prices.

For example, imports of petroleum products decreased by 20 % during the first nine months (July March) of the current fiscal year 2022-2023, which fell from $ 7.287 billion to $ 7.836 billion during the same period of the last financial year. Is. The current financial year, according to data released by the Pakistan Bureau of Statistics (PBS).

Earlier, the government had increased petroleum prices on April 15, 2023, citing international oil prices and exchange rates in the second half of this month. For example, the new price of petrol is Rs. 282 per liter, which was efficient from April 16, 2023, at a former price of Rs. 272 per liter. The price of kerosene has also increased by Rs. 5.78 to Rs. 186.07 per liter from Rs. 180.29. However, prices of high -speed diesel and light diesel oil have not changed to Rs. 293 and Rs. 174.78 respectively.

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Nevertheless, the government has assured the public that they are working on a scheme to provide petroleum products to low income groups at subsidized rates. Minister of State for Petroleum Mr. Musadik Malik recently said that various suggestions are being considered, such as the use of Benazir Income Support Program (BISP), issuing specific subsidy cards, or create a One Time Password (OTP) for the ease of the eligible citizens.

petrol price

Possibility Of Increasing Petroleum Price In Pakistan On 15 April 2023

The possibility of increasing petroleum price in Pakistan on 15 April 2023 on the demand of IMF

Experts were of the view that the depreciation of the rupee against the US dollar and the rise in international oil prices over the past two weeks could push up local prices, there is possibility of increasing petroleum price in Pakistan on 15 April 2023

Pakistan announces revision of petroleum prices every 15 days based on changes in international oil prices and other domestic factors including exchange rates.

The country had maintained the prices of petrol and high speed diesel (HSD) for the next fortnight starting from 01 April 2023 on 31 March 2023.

About Petroleum Price

Finance Minister Ishaq Dar, while announcing the petroleum prices for the next fortnight, has maintained the prices of petrol and diesel at Rs. 272 and Rs. 293 per liter respectively. However, the prices of kerosene and light diesel oil have decreased by Rs 10 to Rs 180.29 and Rs 174.68 respectively.

پنجاب میں پیٹرول کی قلت کی وجہ سامنے آگئی

Since the beginning of this month, the Pakistani Rupee (PKR) has seen a sharp decline against the dollar due to the uncertainty of funding from the International Monetary Fund (IMF) and other friendly countries. The local currency recorded PKR 287.85 against the dollar in the interbank foreign exchange market on April 05, 2023.

On the other hand, the international prices of the benchmark Brent crude also recorded an increase due to the reduction in production by OPEC in the last few days. By the end of March 2023, Brent crude was trading at $73 per barrel. However, it rose to $84 per barrel in the first week of April 2023.

Pakistan is a net importer of petroleum products to meet its domestic demand. Any revision in exchange rate and increase in international oil prices affects local prices.

According to data released by the Pakistan Bureau of Statistics (PBS), the country’s oil import bill fell to $11.88 billion in the first eight months (July-February) of the fiscal year 2022/2023.

The country’s petroleum import bill declined by 8.28 percent to $11.88 billion during the eight months of the current fiscal year from $12.95 billion in the corresponding months of the previous fiscal year.

However, on the other hand, the import bill increased by 23% as a result of the massive depreciation of the Pakistani Rupee (PKR). In rupee terms, the petroleum bill rose to PKR 2.72 trillion during the first eight months of the current fiscal year as against PKR 2.21 trillion in the same months of the previous fiscal year.

In the petroleum group, imports of petroleum products during July-February 2022-2023 declined by 14.47 percent to $5.35 billion as against $6.26 billion in the same period last fiscal.