Pakistan Updates Petroleum Prices Ahead of Federal Budget 2023-24

Pakistan Updates Petroleum Prices Ahead of Federal Budget 2023-24

Islamabad, Pakistan – Pakistan has announced updated petroleum prices ahead of the highly anticipated federal budget for the fiscal year 2023-24, scheduled to be announced on June 9, 2023.

The new petroleum prices, effective from June 1 until June 15, have brought relief to the masses as the government aims to address inflation and ease financial burdens.

READ MORE: Petroleum Prices Surge by 45%, Driving Inflation in Pakistan

Finance Minister Muhammad Ishaq Dar made the decision to revise petroleum prices, taking into account the recent arrival of Russian oil and the downward trend in international oil prices. The government has capitalized on these favorable conditions to pass on the benefits to the general public.

Under the revised pricing structure, petrol prices have been reduced by Rs8 per liter, while high-speed diesel and light diesel oil prices have been decreased by Rs5 per liter each. As of June 1, petrol will be priced at Rs262 per liter, high-speed diesel at Rs253 per liter, kerosene at Rs164.07 per liter (unchanged), and light diesel oil at Rs147.68 per liter.

READ MORE: Pakistan petroleum sales decline by 47% in April 2023

The reduction in petroleum prices is expected to have a positive impact on various sectors of the economy. Transportation costs are projected to decrease, bringing relief to consumers and businesses alike. Industries reliant on petroleum products, such as manufacturing and agriculture, will benefit from the lower prices, ultimately contributing to economic growth.

Experts have noted that the government had the potential to implement an even greater decrease of up to Rs100 in petroleum prices following the arrival of Russian oil. A vessel carrying Russian oil is set to anchor at Oman Port by the end of this month, and the oil will be transported to the Pakistani coast during the first week of June 2023.

READ MORE: Attock Refinery forced to shut down due to smuggling of petroleum products

Despite the reduction in prices, the government has decided to keep the price of kerosene unchanged. This decision aims to ensure affordable access to kerosene, which is widely used for cooking and lighting purposes, particularly in rural areas.

The announcement of the updated petroleum prices before the federal budget 2023-24 has been deemed significant by experts. They believe that the government still has room to further reduce prices and tackle inflation effectively.

READ MORE: Govt. claims big relief in petroleum prices for first half of May 2023

With the federal budget just days away, all eyes are on the government’s fiscal policy and measures to alleviate the financial burdens faced by the general public. The updated petroleum prices are seen as a step in the right direction, providing relief to the masses while setting the stage for broader economic growth and stability in the months ahead.

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