The latest petrol prices in Pakistan as of August 16, 2023 are:
- Petrol: Rs. 299.88/liter
- High Speed Diesel (HSD): Rs. 305.88/liter
- Light Speed Diesel (LSD): Rs. 204.95/liter
- Kerosene Oil: Rs. 164.07/liter
These prices are revised on the 1st and 16th of every month by the Oil and Gas Regulatory Authority (OGRA). The latest increase in petrol prices comes after a series of hikes in recent months, which have put a strain on the wallets of ordinary Pakistanis.
The government has blamed the rising petrol prices on the global surge in oil prices, but critics say that the government is also to blame for its own policies, such as the recent devaluation of the rupee.
The high cost of petrol is having a knock-on effect on the cost of living in Pakistan, making it more expensive to transport goods and services. This is likely to lead to further inflation in the coming months.
The government has said that it is working to provide relief to the people by providing subsidies on petrol and other essential commodities. However, it is unclear how long these subsidies will be sustainable.
In the meantime, Pakistanis are facing a difficult choice: either they can cut back on their spending or they can pay more for petrol. Either way, the high cost of petrol is going to have a negative impact on the economy and the lives of ordinary Pakistanis.
Here are some of the reasons why petrol prices in Pakistan are so high:
The global surge in oil prices: The price of oil has been rising steadily in recent months, due to a number of factors, including the war in Ukraine and theOPEC+ production cuts. This has put upward pressure on petrol prices in Pakistan.
The devaluation of the rupee: The Pakistani rupee has lost a significant amount of its value against the US dollar in recent months. This has made it more expensive for Pakistan to import petrol, which has further pushed up prices.
Government policies: The government has also been blamed for its own policies, such as the recent increase in taxes on petrol, which have contributed to the rising prices.
The high cost of petrol is having a number of negative consequences for Pakistan:
- It is making it more expensive to transport goods and services, which is leading to inflation.
- It is putting a strain on the budgets of ordinary Pakistanis, who are already struggling to make ends meet.
- It is discouraging investment and economic growth.
- It is making it more difficult for Pakistan to meet its energy needs.
The government needs to take urgent steps to address the rising cost of petrol. This includes providing subsidies on petrol and other essential commodities, devaluing the rupee at a slower pace, and reforming its energy sector.