PETROL PRICES TODAY IN PAKISTAN 2023
Numerous factors influence the price of oil in a particular nation or area. The price of crude oil, which serves as the natural source for all petroleum byproducts, the cost of refining, the costs of distribution and marketing, earnings, and fuel taxes are a few notable elements.
Governments, especially in developing nations like ours, also subsidise fuel costs to lessen the financial burden on the general public, depending on the financial capacities of their various economies.
Millions of rupees are given as subsidies by Pakistan’s federal government to keep fuel costs stable and help the average person. However, there is still no clear policy in place in the nation for the distribution of fuel subsidies.
Asian nations including China, India, Bangladesh, Indonesia, and Malaysia have efficient management systems and tools for subventions. Some of these nations even budget for fuel subsidies each year, something our nation ought to do as well.
PETROL PRICES TODAY IN PAKISTAN 2023
|Fuel Type||Fuel Price till 28 Jan 2023||Fluctuations||Fuel Price from 29 Jan 2023|
|Petrol||PKR 214.8||Increased by PKR 35||PKR 249.8|
|Diesel||PKR 227.8||Increased by PKR 35||PKR 262.8|
|Light Diesel||PKR 169||Increased by PKR 18||PKR 187|
|Kerosene Oil||PKR 171.83||Increased by PKR 18||PKR 189.83|
Let’s now examine the most recent fuel costs in Pakistan. You can see the current pricing for the most widely used petroleum byproducts in the nation, including gasoline, diesel, light diesel, and kerosene oil, in the chart below.
THE LATEST CNG PRICE FOR FEBRUARY 2023 IN PAKISTAN
In our nation, compressed natural gas (CNG) is another extremely popular fuel used to power cars. For the purpose of providing CNG, Pakistan has been separated into two regions: Region I, which includes Khyber Pakhtunkhwa, Balochistan, and Potohar region, which includes Islamabad, Rawalpindi, and Gujar Khan, and Region II (Sindh and lowlands of Punjab).
The cost of natural gas fuel can differ from one place to another. The most recent CNG prices in Pakistan for both of these areas are provided below for your information. Look at this!
Pakistan’s CNG price for February 2023 (Region I) is PKR 145 per KG.
Pakistan’s CNG price for February 2023 (Region II) is PKR 195 per KG.
QUICK HISTORY OF PAKISTAN’S PETROL PRICES
The worldwide petroleum business was severely harmed by the coronavirus outbreak. The oil and gas industry is oversupplied as a result of the sharp decline in global fuel demand. In Pakistan, fuel usage decreased by 11% during the June–July fiscal year 2019–2020 as stringent lockdowns were implemented and the majority of people stayed indoors out of fear of contracting COVID-19.
The corporate sector has declared various work-from-home policies. In Pakistan, the cost of petroleum products was at its lowest point in the previous 10 to 12 years.Fuel costs in the nation hit a record low of PKR 74.52 per litre in June 2020. Additionally, several areas of the nation began experiencing fuel issues as a result of the severe lockdown measures.
Thankfully, these difficulties didn’t last long. The frequency of coronavirus cases decreased in the second half of 2020, and the government began to emphasise sensible lockdown strategies rather than severe lockdown measures. Large-scale businesses and industries were permitted to restart operations while adhering to COVID-19 SOPs. In Pakistan, the cost of a litre of gasoline increased by PKR 25.58 by the end of June 2020, to PKR 100.10.
Due to the uncertain economic situation in the country and the rising demand for fuel in the international market, petroleum prices are expected to go further up in the coming months. As mentioned in the table above, PKR 249.8 is the petrol price in Pakistan today. 2023 continues to see skyrocketing fuel prices, mainly due to the uncertain economic situation and rising inflation. Keep checking back to stay updated with the fluctuating rates of petroleum products in the country.
Now, you may be wondering which authority is responsible for regulating the oil and gas sector in Pakistan and suggesting the prices of petroleum products. Well, the next section of our blog has the answer you’re looking for.