Pakistan has recently announced its latest petroleum prices, effective from June 23, 2023. These prices will remain in effect until June 30, 2023, unless revised earlier.
With the arrival of Russian oil and the upcoming general elections, the government’s decision to maintain current prices has garnered significant attention.
Latest Petroleum Prices in Pakistan (June 23, 2023):
|Rs262 per liter
|Rs253 per liter
|Rs164.07 per liter
|Light Diesel Oil
|Rs147.68 per liter
The government of Pakistan reviews petroleum prices every 15 days, with the last review conducted on June 15, 2023. These new rates came into effect the following day and will be maintained until June 30, 2023. Over the past year, petrol and high-speed diesel prices have surged by 24 percent, leading to inflationary pressures and government criticism.
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.
In response to public outcry, the government 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. Experts and the public had anticipated further reductions in petroleum prices to alleviate financial strains, especially with the general elections scheduled within the next six months.
The arrival of Russian oil in Pakistan is expected to have a substantial impact on local prices. Russian oil is considerably cheaper compared to international market prices. 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 this potential benefit, the government has chosen not to adopt a populist approach by further reducing petroleum prices.
The government’s decision to maintain the current petroleum prices reflects a delicate balance between the economic impact of rising inflation and the potential benefits of cheaper imported oil. 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.
Pakistan has announced the latest petroleum prices effective from June 23, 2023. The decision to maintain current prices amidst the arrival of Russian oil and the upcoming general elections has sparked interest and scrutiny. While the government faces challenges of inflation and public expectations, the impact of this decision on the economy and citizens’ daily lives will be closely observed in the months ahead.