Petroleum Prices in Pakistan Today on June 17, 2023

Effective immediately, starting from June 17, 2023, until the end of the month, the following petroleum prices will be applicable in Pakistan:

The Pakistani government has made the decision to maintain the current prices of petroleum products for the next 15 days, starting from June 16 until the end of June. Finance Minister Ishaq Dar confirmed this decision, assuring that the prices would remain unchanged until June 30, 2023.

This decision by the government carries significant implications due to the arrival of Russian oil and the upcoming general elections. Despite the availability of cheaper Russian oil, the government has chosen not to adopt a populist approach when setting petroleum prices.

READ MORE: Pakistan’s Petroleum Import Bill Plunges by 22%

In recent times, the current government has faced criticism for maintaining high petroleum prices. Despite implementing two consecutive reductions, the prices of petrol and high-speed diesel have increased by 24 percent over the past year, contributing to a significant rise in inflation.

The Sensitive Price Indicator (SPI), which serves as a gauge for measuring inflation, has witnessed an alarming increase of approximately 40 percent for the week ending June 8, 2023, compared to the same period last year. This rapid increase has heightened the urgency for the government to take measures to alleviate the burden on the general public.

In response to the public outcry, the government recently presented the final budget for the current legislative assembly, introducing several relief measures aimed at providing support to the masses. These measures include substantial salary and pension increases for the 2023-2024 budget year.

READ MORE: Pakistan Expected to Raise Petrol Prices from July 2023 to Boost Revenue

Experts had anticipated that the government would further reduce petroleum prices to ease the financial burden on the general public, especially with the general elections scheduled to take place within the next six months.

Furthermore, the arrival of Russian oil in Pakistan is expected to have a significant 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.

The government’s decision to maintain petroleum prices unchanged reflects a delicate balance between the economic impact of rising inflation and the potential benefits of cheaper imported oil. As the general elections draw near, the effects of this decision will be closely monitored by the public.

READ MORE: Pakistan Decides to Keep Petroleum Prices Unchanged for Next 15 Days