New Petrol Price: Petrol and Diesel Price in Pakistan from August 9

New Petrol Price – The government of Pakistan has announced the latest petroleum prices, revealing the rates for petrol and diesel in the country.

According to the official statement, the cost of petrol has been established at Rs 272.95 per liter, while high-speed diesel will be priced at Rs 273.40 per liter. These updated rates will remain in effect until August 15, 2023, unless subject to an earlier revision. This decision follows the recent upward adjustment in petroleum prices as declared by the previous administration on July 31, 2023.

The finance ministry has clarified that the recent upsurge in international market rates for petroleum products has had a direct impact on the local prices in Pakistan. The price of petrol surged from $89.14 to $97.39 per barrel, while high-speed diesel witnessed an increase from $96.26 to $111.46 per barrel between July 16, 2023, and July 31, 2023.

While attributing the increase in domestic prices to global market conditions, the ministry has emphasized the limited control the government holds over these price fluctuations. The interconnectedness between the costs of petroleum products within Pakistan and the variations in international market rates necessitated the recalibration of domestic prices.

In the midst of the challenging economic landscape, the government urges citizens to brace themselves for the temporary price rise and advocates for the adoption of energy-saving practices during this period. The authorities are closely monitoring the global market scenario to implement necessary policy adjustments that can effectively mitigate the impact on local petroleum prices.

As the worldwide energy market experiences its own set of changes, the government’s objective is to find a balance between offering affordable fuel to the public and safeguarding the national economy from the consequences of escalating international prices.

Furthermore, the government reiterates its commitment to putting into action long-term energy strategies that encourage energy efficiency, delve into alternative energy sources, and decrease reliance on imported fuels. These initiatives are tailored to ensure the country’s energy security and sustainability in the times ahead.