Effective from today, June 7, 2023, until mid-month, the following petroleum prices are in effect in Pakistan:
|Petrol||Rs262 per liter|
|High-Speed Diesel||Rs253 per liter|
|Kerosene||Rs164.07 per liter|
|Light Diesel Oil||Rs147.68 per liter|
This announcement is a result of the government’s decision to decrease petroleum prices, taking into account the arrival of Russian oil and the decline in international oil prices. Analysts had anticipated a significant decrease in prices due to the downward trend in global petroleum product prices. By passing on the benefits of these reduced prices to the public, the government aims to provide maximum relief and alleviate financial burdens.
The recent decline in international oil prices, combined with the stability of the Pakistani rupee against the dollar over the past 15 days, has created favorable conditions for the government to adjust petroleum prices. Industry experts had predicted a considerable reduction in petroleum prices during the first half of June 2023.
Furthermore, experts suggest that the government could have implemented an even larger decrease, potentially up to Rs100, following the arrival of Russian oil. A vessel carrying Russian oil was scheduled to dock at Oman Port by the end of last month, and small boats would transport the oil to the Pakistani coast during the first week of June 2023.
The reduction in petroleum prices is expected to bring relief to consumers and various sectors of the economy, as transportation costs are anticipated to decrease. Industries reliant on petroleum products, such as manufacturing and agriculture, will benefit from lower prices, ultimately contributing to economic growth.
However, it is important to note that despite the overall decrease in prices, the government has decided to maintain the price of kerosene unchanged. Kerosene is widely used for cooking and lighting purposes, particularly in rural areas, and keeping its price stable aims to ensure affordable access to this essential commodity.
Overall, the decision to lower petroleum prices in Pakistan for the first half of June 2023 is expected to have a positive impact on the economy, providing relief to consumers and promoting growth in various sectors. The government’s efforts to pass on the benefits of reduced international oil prices to the public demonstrate its commitment to easing financial burdens and supporting economic stability.