Due to the devaluation of the local currency against the US Dollar (USD) and the surge in international oil prices, Pakistan is slated to witness a rise in petrol rates starting from September 15, 2023.
Reports suggest that the cost of petrol may climb by as much as Rs. 14 per litre, while high-speed diesel might see an increase of Rs. 16 per litre. This would mark another record high in fuel prices within the country.
It’s worth noting that the international price of Brent crude surged from $88 to $91 per barrel on Wednesday, directly impacting petrol prices in Pakistan. Additionally, the Pakistani Rupee (PKR) experienced depreciation, falling to as low as Rs. 307 before subsequently recovering and dropping below Rs. 300 again.
Furthermore, the government also needs to factor in the augmented margins for petroleum dealers and oil marketing companies (OMCs), a decision greenlit by the Economic Coordination Committee (ECC).
In the preceding fortnight, the government raised the price of petrol by Rs. 14.91 per litre, setting the new price at Rs. 305.36 per litre. High-Speed Diesel (HSD) also saw an increase of Rs. 18.44, bringing the new price to Rs. 311.84 per litre.
Current Prices in Pakistan From 1 September 2023
| PRODUCT | OLD PRICE (PKR) | NEW PRICE (PKR) | CHANGE (PKR) |
|---|---|---|---|
| Petrol | 290.45 | 305.36 | +14.91 |
| High Speed Diesel (HSD) | 293.40 | 311.84 | +18.44 |
