Overview
The petrol price in Pakistan has been raised by Rs. 22.20 per liter, with the new prices taking effect on February 16, 2023. The price of High-Speed Diesel (HSD) has also been hiked by Rs. 17.20 per liter, according to the Finance Ministry.
These are the new petroleum prices following the recent increase.
Petrol Rs. 22.20
High-Speed Oil (High Octane) Rs. 17.20
Light-Speed Diesel (LDO) Rs. 9.68
Kerosene Oil Rs. 12.90
The Petrol Price in Pakistan Could Be the Cause
This latest increase in petrol prices in Pakistan will cause another wave of hyperinflation at a time when the public is already suffering enough. Meanwhile, despite the State Bank of Pakistan’s uncapping, the USD changes regularly against the PKR (SBP).
Furthermore, there have been media theories of a possible petroleum crisis in Pakistan in the coming days, which is equally concerning for the country. In this article, we analyzed the entire scenario of the petrol supply chain, which you may read in detail here.
Ishaq Dar Last Address on Petrol Price Increasing
In addition to the rise in fuel prices, the finance minister Ishaq Dar announced an increase in kerosene and light diesel oil prices by Rs18. Following the elimination of the unofficial dollar ceiling, the Pakistani rupee fell to a historic low against the dollar, resulting in this inflation.
Due to the significant depreciation of the Pakistani rupee against the dollar, Finance Minister Ishaq Dar announced a fuel price increase of Rs. 35 per liter last month.
Dar further stated that the Oil & Gas Regulatory Authority (OGRA) has advised the government and Prime Minister Shehbaz Sharif to adopt the revised prices immediately in order to prevent temporary stockpiling and speculation about petrol shortages.
Conclusion
It has become a big problem in Pakistan, the prices are increasing on a daily basis. It will be difficult for everyone to take the daily things of life. Better to use the best fuel-efficient cars in Pakistan to reduce your fuel expenses.
