Updated Petrol prices in Pakistan

• Latest petrol price is Rs 257.13 per litre.

• New HSD price is Rs 267.95 per litre.

On Friday 1st February federal government announced an increase in the price of petrol and diesel, due to variation in International market.

As per the notification issued by the Ministry of Finance, the petrol price increased by Rs 1 per litre. The new petrol price is now Rs 257.13 per litre. Similarly, high-speed diesel (HSD) costs have been raised by Rs 7 per litre. The latest price for the high-speed diesel has been set at Rs 267.95 per litre.

“Ogra has worked out the consumer prices of petroleum products in view of fluctuations in international market in the last fortnight,” said by press release.

Factors Affect Petrol Prices in Pakistan

• Most of petroleum products are imported into Pakistan. Worldwide any change in petrol prices affect the petrol prices in Pakistan. 

• The government applies various taxes on the petroleum products, including GST and petroleum charges. These taxes are included in the final petrol prices.

• Currency value directly affects the Petrol prices. A weaker Pakistani rupee causes imports to be expensive; this leads to an increase in petrol prices.

Impact on the Economy

The rise in petrol prices directly affects the country’s economy. Following are some key areas that are majorly affected.

• A hike in petrol prices increases the price of transportation, directly impacting the price of crucial goods and services.

• Industries and agriculture rely on fuel for machinery. An increase in petrol leads to an increase in production costs and reduced profit.

• A hike in production and transport prices directly affects the price of all daily use things. It will majorly affect the medium and lower classes, who spend most of their income buying necessary things.

• Increasing petrol price is main driver of inflation in Pakistan. The Consumer Price Index (CPI) also reflects this increase, dropping the purchasing power of citizens.

• High petrol prices force consumers to avoid unnecessary travel and expenses, and businesses like tourism will be affected. 

Government Actions to Stabilize Prices

• Targeted Subsidies: Government should give relief to the people who have low income through subsidies. 

• Promoting Renewable Energy: Government should promote renewable energy sources, so that no need to depend on imported petroleum products. 

• Negotiating with Oil-Producing Countries: Make encouraging deals with oil-exporting countries to import inexpensive oil.

Public Reaction

The public is frustrated by continuous hikes in petrol prices. News channels and social media platforms are abundant with complaints, and protests are reported in many cities. Citizens demand to give relief on petrol prices.

Future Outlook

The petrol prices in Pakistan depend on various factors:

• Pakistan may seek relief if the oil prices stabilize or decrease globally.

• The substantial value of the Pakistani rupee in the international market could reduce the price of petrol.

• Focus on the infrastructure of renewable energy sources and domestic oil refining could reduce the dependence on imported oil.

Conclusion

Petrol prices in Pakistan are one of the significant issues affecting every aspect of life. While the government tries to stabilise the economy. global factors play a significant role in making local policies. In that case, consumers should adopt alternate energy sources and reduce their consumption of fuel. Staying updated about challenges and changes in prices is crucial for citizens and businessmen to outing economic pathways effectively. Use Maximus Fuel Saver for Better petrol average in cars