August 11, 2023 – The government of Pakistan has unveiled the latest prices for petrol and diesel in the country, reflecting the impact of global market fluctuations on domestic fuel costs.
According to the official announcement, the price of petrol has been set at Rs 272.95 per liter, while high-speed diesel will be available at Rs 273.40 per liter. These new rates will be effective until August 15, 2023, unless adjusted earlier. This follows the previous increase in petroleum prices declared by the outgoing government on July 31, 2023.
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The Ministry of Finance clarified that the recent surge in international petroleum product prices directly influenced the domestic prices in Pakistan. During the period between July 16, 2023, and July 31, 2023, the cost of petrol surged from $89.14 to $97.39 per barrel, and the price of high-speed diesel increased from $96.26 to $111.46 per barrel.
While the government acknowledged the challenge posed by the global market conditions, it emphasized its limited control over these price adjustments. The link between Pakistan’s petroleum product costs and international market fluctuations necessitated the revision of domestic prices.
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In the face of this temporary price hike, the government urges citizens to adopt energy conservation measures. Officials are closely monitoring the international market situation to make timely policy adjustments that can help mitigate the impact on domestic petroleum prices.
With the global energy market experiencing ongoing changes, the government is striving to find a balance between providing affordable fuel to the public and safeguarding the national economy from the effects of rising international prices.
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Furthermore, the government reaffirms its commitment to implementing long-term energy policies. These policies will focus on promoting energy efficiency, exploring alternative energy sources, and reducing dependency on imported fuels. These measures are aimed at ensuring energy security and sustainability for the nation in the years to come.
