Petroleum prices may fall sharply in Pakistan for first fortnight of June 2023

Petroleum prices may fall sharply in Pakistan for first fortnight of June 2023

Pakistan is poised to announce a significant reduction in petroleum prices for the first fortnight of June 2023. This anticipated decline is in response to the imminent arrival of Russian oil, which holds the promise of substantial cost savings compared to prevailing international market prices.

The Pakistani government is scheduled to unveil the new petroleum prices on May 31, 2023, for the next 15 days, providing relief to the general public and alleviating the burden of high fuel costs.

READ MORE: Pakistan set to unveil new petroleum prices on May 31, 2023

Current Petroleum Prices: Currently, the petroleum prices in Pakistan stand as follows:

• Petrol: Rs270.00 per liter

• High-Speed Diesel: Rs258.00 per liter

• Kerosene: Rs164.07 per liter

• Light Diesel Oil: Rs152.68 per liter

Reasons for Price Decrease: The decision to lower petroleum prices locally is a direct response to the downward trend of petroleum product prices in international markets. By passing on the benefits of decreasing prices to the general public, the government aims to provide maximum relief and ease financial burdens.

READ MORE: Updated Petroleum Prices in Pakistan on May 25, 2023

The recent decline in international oil prices, coupled with the stable value of the Pakistani rupee against the dollar over the preceding 15 days, has created favorable conditions for the government to adjust petroleum prices. The government takes into consideration global market fluctuations and the rupee-to-dollar exchange rate when determining petroleum prices.

Anticipation of Significant Reduction: Industry experts are eagerly anticipating a noteworthy reduction in petroleum prices during the initial fortnight of June 2023. Several experts believe that the government has the potential to implement a significant decrease of up to Rs100 in petroleum prices following the arrival of Russian oil. A vessel transporting Russian oil is scheduled to anchor at Oman Port by the end of this month, with subsequent transportation to the Pakistani coast using small boats during the first week of June 2023.

READ MORE: OGDCL, PRL sign MoU to strengthen energy sector in Pakistan

Impact on Inflation and General Public: The reduction in petroleum prices comes at a critical time when Pakistan is grappling with all-time high inflation rates. Lower fuel prices are expected to provide some respite to the general public. The cost of fuel directly influences the prices of essential goods and services, making it a crucial factor in controlling inflation and ensuring the well-being of the masses.

Government’s Commitment to Economic Stability: The Pakistani government’s decision to adjust petroleum prices in response to market fluctuations and the arrival of Russian oil demonstrates its commitment to addressing the economic challenges faced by the nation. By leveraging favorable international conditions and effectively managing the value of the Pakistani rupee, the government aims to ease the burden of inflation on the population and foster economic stability.

READ MORE: Russian oil to reach Pakistan through Oman Port: Minister

In conclusion, Pakistan is set to announce new petroleum prices on May 31, 2023. The impending arrival of Russian oil, coupled with the decline in international oil prices and the stable rupee-to-dollar exchange rate, creates favorable conditions for a potential reduction in petroleum prices during the first half of June 2023. This reduction is expected to provide relief to the Pakistani population, who are currently grappling with high inflation. The government’s proactive measures in adjusting petroleum prices highlight its commitment to improving the well-being of its citizens and fostering economic stability.

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