In a move that brings joy to the citizens of Pakistan, the government has announced that petroleum prices will remain unchanged until June 30, 2023, extending the period of Happy Hours.
The latest petroleum prices, effective from June 23, 2023, will remain in effect unless revised earlier.
One notable factor contributing to this decision is the arrival of Russian oil, coupled with the upcoming general elections, which has garnered significant attention. The government’s choice to maintain the current prices reflects a delicate balance between economic considerations and public expectations.
Here are the latest petroleum prices in Pakistan as of June 23, 2023:
| Petrol | Rs 262 per liter |
| High-Speed Diesel | Rs 253 per liter |
| Kerosene | Rs 164.07 per liter |
| Light Diesel Oil | Rs 147.68 per liter |
The government regularly reviews petroleum prices every 15 days, with the most recent review conducted on June 15, 2023. These rates came into effect the following day and will be upheld until June 30, 2023. Over the past year, petrol and high-speed diesel prices have experienced a 24 percent surge, leading to inflationary pressures and criticism towards the government.
The Sensitive Price Indicator (SPI) has reported a concerning increase of approximately 40 percent for the week ending June 8, 2023, compared to the corresponding period last year. Such inflation has intensified the government’s responsibility to alleviate the financial burden on the general public.
Responding to public outcry, the government has recently presented the final budget for the current legislative assembly, introducing various relief measures aimed at supporting the masses. These measures include significant salary and pension increases for the 2023-2024 budget year. While the public had hoped for further reductions in petroleum prices to alleviate financial strains, especially with the general elections approaching, the government has opted not to adopt a populist approach by further reducing the prices.
The arrival of Russian oil in Pakistan is expected to have a substantial impact on local prices due to its comparatively lower cost in the international market. As Pakistan heavily relies on petroleum imports to meet domestic needs, the importation of Russian oil is anticipated to reduce the country’s oil import bill and contribute to a decrease in domestic market prices. Despite the potential benefits, the government has chosen to maintain current petroleum prices, taking into account the economic impact of rising inflation.
With the general elections drawing nearer, the public will closely monitor the effects of this decision on their daily lives and the overall economic situation in the country. The government’s stance on maintaining petroleum prices reflects the balancing act between addressing inflationary pressures and managing expectations during this critical period. The coming months will reveal the implications of this decision on the economy and the well-being of the citizens of Pakistan.
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