On August 6, 2023, the government of Pakistan announced the latest petroleum prices, revealing the rates for petrol and diesel in the country.
According to the official statement, the price of petrol is set at Rs 272.95 per liter, while the rate of high-speed diesel stands at Rs 273.40 per liter.
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These new prices will remain in effect until August 15, 2023, unless revised earlier. The announcement comes after the outgoing government raised petroleum prices in its last statement on July 31, 2023.
The finance ministry clarified that the recent surge in international market rates of petroleum products had a direct impact on domestic prices in Pakistan. Between July 16, 2023, and July 31, 2023, the price of petrol increased from $89.14 to $97.39 per barrel, while the cost of high-speed diesel rose from $96.26 to $111.46 per barrel.
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Attributing the rise in domestic prices to global market conditions, the ministry emphasized that the government had limited control over these price hikes. The link between the cost of petroleum products in Pakistan and the fluctuations in international market rates necessitated the increase in domestic prices.
In light of the challenging economic situation, the government of Pakistan urges citizens to brace for the temporary price hike and encourages the implementation of energy conservation measures during this period. The authorities are closely monitoring the international market situation to make necessary policy adjustments to mitigate the impact on domestic petroleum prices effectively.
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With the global energy market experiencing fluctuations, the government aims to strike a balance between providing affordable fuel to the public and safeguarding the national economy from the impact of rising international prices.
Furthermore, the government has reiterated its commitment to implementing long-term energy policies that promote energy efficiency, explore alternative energy sources, and reduce dependency on imported fuels. These measures aim to ensure energy security and sustainability for the nation in the future.
