Here are the current petroleum prices in Pakistan, including the rates for petrol and diesel:
- Petrol is now priced at Rs 305.36 per liter.
- Diesel is priced at Rs 313.84 per liter.
These fuel prices have reached an unprecedented high, posing significant challenges for the people of Pakistan. The surge in prices, exceeding Rs 300 per liter for the first time, not only raises immediate concerns but also alarms about the potential impact on the economy in terms of inflation.
Pakistan is currently facing a crisis as petroleum prices have reached record levels, creating economic difficulties for both citizens and policymakers. On August 31, 2023, the interim government announced a substantial increase in petrol and high-speed diesel (HSD) prices, causing shockwaves across the nation.
The new rates, with petrol at Rs 305.36 per liter and HSD at Rs 313.84 per liter, mark a historic peak and place a heavy burden on the Pakistani population due to the rising fuel costs. The primary reason behind this price surge is the significant depreciation of the Pakistani rupee (PKR) against the US dollar.
Over the past ten days, the PKR has experienced a sharp decline, hitting an all-time low of PKR 305.54 against the US dollar on August 31, 2023. This depreciation has severely affected Pakistan’s ability to import petroleum products at stable prices, as the country heavily relies on imports to meet its energy needs.
Pakistan imports more petroleum products than it exports, which means it buys more from other countries. In July 2023, Pakistan imported energy products worth $791 million, compared to $1.44 billion in the same month the previous year. This heavy reliance on imports puts pressure on the government to adjust fuel prices according to global market fluctuations, which have been particularly volatile in recent times.
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