Islamabad, September 5, 2023 – Following are the current petroleum prices applicable in Pakistan, which included the rates of petrol and diesel:
The new price of petrol is Rs 305.36 per liter and the price of diesel is Rs 313.84 per liter.
The recent surge in fuel prices has reached an unprecedented high, creating significant challenges for the people of Pakistan who are now dealing with the harsh reality of soaring fuel expenses. This price increase, surpassing the Rs 300 mark for the first time, not only raises immediate concerns but also triggers alarm bells about the looming threat of inflation on the economy.
Pakistan is currently grappling with an unprecedented crisis as petroleum prices reach record levels, posing a major economic dilemma for both citizens and policymakers. On August 31, 2023, the interim government announced a substantial hike in petrol and high-speed diesel (HSD) prices, sending shockwaves across the nation.
The new rates, with petrol reaching Rs 305.36 per liter and HSD at Rs 313.84 per liter, have now hit a historic pinnacle, placing a heavy burden on the Pakistani population due to the escalating cost of fuel. This sudden price surge, crossing the Rs 300 threshold for the first time, not only signifies a troubling development in itself but also gives rise to serious concerns about the imminent inflationary pressures on the economy.
The main cause behind this alarming price surge can be attributed to 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 impacted Pakistan’s ability to secure petroleum products at stable prices, as the country heavily relies on imports to meet its domestic energy needs.
Pakistan, being a net importer of petroleum products, finds itself in a challenging situation. Despite the negative effects of higher petroleum costs on local consumption and businesses, the country imported energy products valued at an astonishing $791 million in July 2023, compared to $1.44 billion in the same month the previous year. This reliance on imports further intensifies the pressure on the government to adjust prices in accordance with the volatile fluctuations in the global market, which have been particularly harsh in recent times.
Petroleum Prices in Pakistan Hit All-Time High
Pakistan Increases Petrol to Rs 305.36 Per Liter and Diesel 313.84 from Sept 1
