New Petrol Price in Pakistan – The government of Pakistan has announced the latest petroleum prices, revealing the rates for petrol and diesel in the country.
As per the official announcement, the cost of petrol has been set at Rs 272.95 per liter, while high-speed diesel will be available for Rs 273.40 per liter. These revised prices will remain effective until August 15, 2023, unless changed earlier. This decision comes after the previous administration had raised petroleum prices on July 31, 2023.
The finance ministry has clarified that the recent increase in global prices for petroleum products has directly impacted local prices in Pakistan. The price of petrol went up from $89.14 to $97.39 per barrel, while high-speed diesel saw a rise from $96.26 to $111.46 per barrel between July 16, 2023, and July 31, 2023.
While attributing the price increase within the country to global market conditions, the ministry has highlighted the government’s limited control over these fluctuations. The close connection between the costs of petroleum products in Pakistan and the changes in international market rates necessitated the adjustment of domestic prices.
Given the challenging economic situation, the government is urging citizens to prepare for the temporary price hike and encourages adopting energy-saving practices during this period. The authorities are carefully monitoring the global market situation to make necessary policy changes that can help mitigate the impact on local petroleum prices.
Amid the shifts in the global energy market, the government’s aim is to strike a balance between providing affordable fuel to the public and protecting the national economy from the effects of rising international prices.
Moreover, the government is reaffirming its dedication to implementing long-term energy strategies that promote energy efficiency, explore alternative energy sources, and reduce dependence on imported fuels. These initiatives are tailored to ensure the country’s energy security and sustainability in the coming times.