Pakistan is gearing up to announce new petroleum prices on May 15, 2023, for the second half of the current month. The decision comes in the midst of falling value of Pakistani Rupee (PKR) and declining trend in global oil prices.
The new rates will be effective from May 16, 2023, until the end of the month. The Pakistani government is expected to face challenges while making decisions on the new prices, as it is hard to pass on the full benefit of declining global oil prices to consumers due to the depreciation in rupee value.
During the past year, international oil prices have witnessed a decline of over 21%, while the Pakistani government doubled the domestic prices of petroleum products in the same period. However, Pakistan is largely dependent on imported fuel, making it difficult for the government to provide any relief to the masses.
The Pakistani government has already updated the petroleum prices for the first half of May 2023. According to the official communication issued by the government, petrol is now priced at 282.00 Pakistani Rupees per liter, High Speed Diesel (HSD) at 288.00 Pakistani Rupees per liter, Kerosene (KSO) at 176.07 Pakistani Rupees per liter, and Light Diesel Oil at 164.68 Pakistani Rupees per liter.
The announcement of new petroleum prices is eagerly awaited by the general public, as it directly affects their daily expenses. Experts suggest that the Pakistani government should consider reducing the prices of petroleum products to provide relief to the masses, especially during these challenging economic conditions.