In a recent development, Pakistan has released the updated petroleum prices, which will be applicable from June 2, 2023, until June 15, 2023. The revised prices are as follows: Petrol at Rs262 per liter, High-Speed Diesel at Rs253 per liter, Kerosene at Rs164.07 per liter, and Light Diesel Oil at Rs147.68 per liter.
This announcement comes as a result of the government’s decision to reduce petroleum prices, taking into account the arrival of Russian oil and the decline in international oil prices. Experts had anticipated a substantial decrease in prices due to the downward trend in petroleum product prices in the global market. By passing on the benefits of these decreasing prices to the general public, the government aims to provide maximum relief and alleviate financial burdens.
The recent decline in international oil prices, coupled 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 significant reduction in petroleum prices during the first half of June 2023.
Furthermore, experts believe that the government could have implemented an even greater decrease, possibly up to Rs100, in petroleum prices following the arrival of Russian oil. A vessel carrying Russian oil is expected to anchor at Oman Port by the end of this month, with small boats transporting 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 dependent on petroleum products, such as manufacturing and agriculture, will benefit from the lower prices, ultimately contributing to economic growth.
However, it is important to note that despite the overall reduction in prices, the government has decided to keep the price of kerosene unchanged. Kerosene is widely used for cooking and lighting purposes, particularly in rural areas, and maintaining its price stability 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.