Govt of Pakistan have announced new prices of Petrol, diesel and other petroleum products in Pakistan. The prices of petrol and diesel have been reduced to give the relief to people. Also, as elections are near, so in these days, it is in favour of govt to decrease the prices of petroleum products to the maximum extent possible.
Anyways, the details of old and new prices of petroleum products as per new announcement are as follows.
| Petroleum Product | Old Price | New Price | Change in Price |
|---|---|---|---|
| Petrol (MS) | 262.00 | 253.00 | -9.00 |
| High Speed Diesel (HSD) | 260.50 | 253.50 | -7.00 |
The new prices are applicable for the second fortnight of July 2023. Which is valid from July 16, 2023 to July 31, 2023 with both mentioned days included. The prices of Light Diesel Oil and Kerosene Oil have not been changed and will remain the same as the first fortnight of July 2023 in the second fortnight.
After every fifteen days govt of Pakistan announces the new prices of petroleum products. The new prices remain valid for next fifteen days. The petroleum prices in Pakistan depend on several factors, these include the prices of crude oil in international market, the value of Pakistani rupee against US Dollar and the taxes imposed by the government of Pakistan on the fuel. As Pakistan have to import the majority of petroleum products which it consumes, so the local currency value as well as the international crude oil prices highly dictate the price at which the these products are sold to the people.
Pakistan regulates the prices of four petroleum products, these are MS (Petrol), High Speed Diesel (HSD), Light Diesel Oil (LDO) and the Kerosene oil. The prices are regulated through an authority called OGRA (Oil and Gas Regulatory Authority). Ogra decides the change in prices of all these petroleum products based on current taxes, local currency value and international crude oil price. But instead of making decision themselves, OGRA sends the details of new changes to govt and govt of Pakistan make the final decision. To increase or decrease the price from what is recommended by OGRA govt have to increase or decrease the taxes which they collect.