The government of Pakistan has recently released the updated petroleum prices, which will be effective from July 6, 2023, until July 15, 2023. These prices are subject to change only if there are earlier revisions.
The revised petroleum prices for various fuels in Pakistan, as of July 6, 2023, are as follows:
Petrol: Rs 262 per liter
High-Speed Diesel: Rs 260.50 per liter
Kerosene: Rs 164.07 per liter
Light Diesel Oil: Rs 147.68 per liter
The government of Pakistan routinely reviews and adjusts petroleum prices every two weeks, aiming to strike a balance between generating revenue and ensuring consumer affordability.
In the global markets, on July 5, 2023, US crude oil experienced a notable increase of approximately 3%. The prices of US West Texas Intermediate crude (WTI) surged by $2, accounting for a 2.9% rise, to settle at $71.79 per barrel. Additionally, Brent crude futures witnessed a moderate increase of 40 cents, equivalent to 0.5%, and settled at $76.65 per barrel. These figures indicate a positive trend for the oil market, following a gain of $1.60 per barrel on Tuesday.
The rise in international crude oil prices may have various implications for Pakistan’s petroleum market, potentially impacting the cost of imports and local fuel prices. Market analysts are closely monitoring the situation to assess its potential effects on the country’s economy and the overall energy sector.
The recent adjustments in petroleum prices by the government of Pakistan aim to maintain a delicate equilibrium between meeting revenue targets and ensuring that consumers can afford essential commodities. It is advisable for consumers and businesses to consider these updated rates while planning their budgets and operational costs.
Please note that petroleum prices are subject to fluctuations in the international market and changes in various economic factors. The government will continue to monitor these dynamics and make necessary revisions as required.
