Web Desk
Today, petrol prices have increased by Rs 5 per liter, resulting in a new price of Rs 272 per liter, while diesel prices have also increased, with a new rate of Rs 293 per liter. This hike in fuel prices could potentially impact consumers who rely on personal vehicles or transportation services that utilize these petroleum products.
The government had implemented a significant increase in the prices of petroleum products. The latest notification indicated that the petrol price had risen by Rs 5 per liter, resulting in a new rate of Rs 272 per liter.
In addition, the price of high-speed diesel had increased by Rs 13, bringing the new rate to Rs 293 per liter. The price of kerosene had also risen by Rs 2.56, now costing Rs 190.29 per liter. The increase in fuel prices may impact consumers who rely on these products for transportation or other purposes.
It has been reported that the price of Light Speed Diesel has remained unchanged despite the government’s recent increase in petroleum product prices.
Meanwhile, global crude oil, gas, and coal prices have significantly decreased. A foreign news agency stated that oil prices in the world market had hit a 15-month low, signaling potential relief for consumers. However, it remains to be seen if these global price trends will soon impact the local prices of petroleum products.
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British and American crude oil prices experienced a significant decrease during recent trading in the world market. The cost of British crude oil per barrel decreased by 6% to $72.80, while the price of American crude oil per barrel fell by 6.39% to $66.77. Gas prices have reduced by 6.5%, and coal prices have also significantly dropped.
It has been reported that the world market prices for oil reached the same level as those in December 2021. However, it is unlikely that this decrease in global prices will immediately bring relief to consumers in Pakistan. Reports from various media outlets suggest that the costs of petroleum products in Pakistan may continue to rise due to both IMF conditions and the depreciation of the Pakistani rupee.
It is worth noting that oil prices in the world market peaked at $130 after the start of the Russia-Ukraine war. The record increase in crude oil prices has caused inflation and economic slowdown in many countries worldwide.
Pakistan has also been adversely affected by the surge in global crude oil prices, with petroleum product prices rising by over 120 rupees in the last year alone.
As a result, Pakistan’s consumers face significant challenges due to the high cost of transportation and other essential goods that rely on petroleum products. The ongoing Russia-Ukraine conflict and other global factors continue to influence the world market prices of crude oil, making it difficult to predict when or if the costs may return to more manageable.
