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Tag: today petrol price in pakistan 2023

petrol price

Today Petrol Price In Pakistan [15 August 2023]

Today Petrol Price In Pakistan

Today petrol price in Pakistan is set at Rs 272.95 per liter and Diesel price in Pakistan has been set at Rs. 273.40 per liter.

According to the global trend, the caretaker government of Pakistan is likely to increase the petrol prices till the second fortnight of August 2023. It should be noted that a few days ago the price of crude oil in the world market had reached the highest level of 7 months.

Petrol and Diesel Prices Hiked By Rs 19.95 for August

Media reports have claimed that petroleum prices are likely to increase by Rs 24 per liter in the second half of the month of August. Another shock for the inflation-weary public facing high food prices. Since fuel prices directly affect the transport and agriculture sectors, any increase will further burden the public.

Petrol Price In Pakistan 15 August 2023

As of mid-August, the current price of petrol is Rs 272.95 per liter while high speed diesel is priced at Rs 273.40 per litre. If the government approves the new changes, the price of petrol will go up to around Rs 295 per liter while the price of diesel will go up to around Rs 300 per litre.

Expected price increases will add to existing problems. Because petrol and diesel prices have already increased by around Rs 20 per liter in the last revision. In recent days, the prices of refined petroleum products have increased from $13 to $111 per barrel.

The price of crude oil settled at $85.74 per barrel after a one percent decline in the Brent oil market today. While the price of US crude oil decreased by 1.3% to 82.12 dollars per barrel.

petrol price

Today Petrol Price In Pakistan June 2023

Today Petrol Price In Pakistan

Today Petrol Price In Pakistan has been fixed. Government of Pakistan has updated petroleum prices for June 2023. The new prices will be effective this month till the end of June 2023.

Today Petrol Rate In Pakistan

Today petrol rate in Pakistan is at 262 rupees per liter. Similarly High Speed Diesel price in Pakistan is Rs. 263 per liter. Light Diesel Price is fixed at Rupees 147.68 per liter and Kerosene oil is fixed at 164.07 rupees per liter.

Product Rate Measure
Petrol Rs. 262 Liter
High-Speed Diesel Rs. 253 Liter
Light Diesel Rs. 147.68 Liter
Kerosene Rs. 164.07 Liter

today Petrol Price In Pakistan

Pakistan Revises Petroleum Prices

Government of Pakistan revises petroleum prices every 15 days, the latest revision is on 15 June 2023 with the prices mentioned above. The new rates came into effect from the following day and will remain in place till June 30, 2023.

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

This announcement is of special importance in view of the arrival of Russian oil, the upcoming general elections in Pakistan and the latest situation in the country. Despite the availability of cheap Russian oil, the government has decided not to adopt a populist approach by further reducing petroleum prices.

Furthermore, the arrival of Russian oil in Pakistan is expected to have a significant impact on local prices. Russian oil is quite cheap compared to international market prices. As Pakistan is heavily dependent on petroleum imports to meet its domestic needs. Imports of Russian oil are expected to reduce the country’s oil import bill and lower prices in the domestic market.

 

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

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.

Also read this: Sasta Petrol Scheme | Govt Has Demanded Data Of Registered Motorcycles

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.

today Petrol Price In Pakistan

Petrol 5, Diesel 20 Per Liter Likely To Be Cheaper From April 1

Islamabad: Petrol and diesel prices are expected to decrease due to the decrease in crude oil prices in the international market from April 1, 2023  in Pakistan.

Petrol and diesel prices may decrease from April 1 due to fluctuations in crude oil prices in the global market. Oil marketing companies estimate that diesel could be cheaper by Rs 15-20 and petrol by Rs 4-5 per litre.

On the other hand, industry sources say that there is no possibility of any change in the prices.

Gold Rate In Pakistan | Gold Price

The expected decrease in fuel prices is expected to bring a sigh of relief for the masses who are forced to pay Rs272 per litre for petrol as the government earlier soared the petrol prices by Rs5 per litre for the fortnight.

The expected drop in fuel prices in Pakistan is expected to bring a sigh of relief to the public who are forced to pay Rs. 272 per liter for petrol as the government had already hiked petrol prices by Rs 5 per liter for a fortnight.