Monday, June 17, 2024

Today’s Latest Petroleum Prices in Pakistan 2023

Petroleum prices in every country vary as they are affected by many factors, particularly in developing countries. Every petroleum, such as crude oil, is the main source of all petroleum; its distribution, reefing, and marketing, as well as fuel taxes and profits, are the worthy and main factors affecting its price tag.

The developing countries like ours “Pakistan,” petroleum prices depend on the government’s economic state. Developing countries try to increase the public petroleum prices by subsidizing and removing taxes.

Petroleum prices in Pakistan in 2023 are at the highest state. The government of Pakistan is trying to decrease the prices by lowering the financial burden on the people. However, till now, they are at the higher prices in the history of Pakistan.

The Federal Government of Pakistan is granting millions of rupees as subsidies to maintain the fuel prices and provide a little bit of relief to the common man. But there is no consistent policy or tools in Pakistan like in other countries such as Malaysia, Bangladesh, Indonesia, etc., to lower petroleum prices.

In this article, you will find the history of petroleum prices in Pakistan and Lest’s prices in Pakistan in 2023.

History of Petroleum Prices in Pakistan

If you look at the history of petroleum prices in Pakistan, petroleum prices have been low for the past 10 to 12 years. But from 2020 to 2023, you will observe a significant change in Petroleum prices during COVID-19. Petroleum prices increased during the COVID-19 period, which shows that the COVID-19 pandemic negatively impacted petroleum prices on the global level.

The petroleum consumption level was reduced in 2020 by 11% as different work-from-home policies were announced to control COVID-19. Some countries were also facing a petroleum crisis during the COVID-19 pandemic. 

When the SOPs were implemented, and the petroleum products resumed their work, the petroleum prices in Pakistan increased by PKR. 25.28. also, the uncertain economic conditions and increased demand for petroleum in the international market raised fuel prices.

Still, the economic situations in Pakistan are not stable and expected that fuel prices would go further up. Thus, keep checking the petroleum prices to get updated about the fluctuation in prices.

Latest Petroleum Prices in Pakistan (September 2023)

Here are the latest petroleum prices in Pakistan.

Name of petroleum Price before Oct 01, 2023 Price from Oct 01, 2023 Fluctuated amount
Diesel PKR 247.43 PKR 235.30Decreased by PKR 12.13
Light Diesel PKR 191.75 PKR 186.50
Decreased by PKR 10.78
Petrol PKR 235.98 PKR 224.80Decreased by PKR 12.63
Kerosene oil PKR 199.40 PKR 191.83
Decreased by PKR 10.19

That is all about the latest petroleum prices in Pakistan. In July, common people will enjoy a little bit of relief. However, petroleum prices are still at a high level that is difficult for the common man to afford easily.

It is expected that petroleum prices will rise in August 2023. Thus, the federal govt of Pakistan needs to employ proper tools that can relax the petroleum prices in Pakistan.

The latest CNG price in Pakistan is 2023

CNG, known as Compressed Natural Gas, is another petroleum highly used in Pakistan to power vehicles in our country or for any other purpose. Regarding CNG supply in Pakistan, the country is divided into two regions. The region contains the KPK, Balochistan, and Potohar regions, including Islamabad, Gujar Khan, and Rawalpindi.

The 2nd region of CNG supply covers the lowlands of Punjab and Sindh, Pakistan. CNG prices in both regions vary and are given in the below table.

Name of region Price per Kg
Region 1(KPK, Islamabad, Balochistan, and Potohar region, Gujar Khan area, and Rawalpindi)Rs. 145
Region 2 (lowlands of Punjab and Sindh)Rs. 180

Which authority regulates the petroleum sector in Pakistan

The oil and Gas regulatory authority was founded in back 2023 by the Government of Pakistan and is responsible for regulating the petroleum and fuel in the country. It prepares a summary report regarding the change in petroleum prices according to the demands and usage determined by the key resources.

The summary prepared by the OGRA is given to the prime minister. If the Prime minister of Pakistan approves it, it will be implemented in the country. But if the prime minister rejects it, petroleum and fuel prices will remain unchanged. Also, negotiation is an important part between the government and OGRA members.   

Authority regulates the petroleum sector in Pakistan

End Note

Here all the points regarding the latest petroleum prices in Pakistan 2023 are discussed in detail. Also, the factors mentioned can affect petroleum prices in Pakistan. But if you have any queries, then let us know.

Related Articles

Latest Articles