Islamabad – Following are the current petroleum prices applicable in Pakistan, which included the rates of petrol and diesel:

The recent increase in petrol and diesel prices in Pakistan has caused significant hardships for the people. These prices have reached an all-time high, surpassing Rs 300 per liter for the first time. This situation not only raises immediate concerns but also raises worries about potential inflation in the economy.

Pakistan is currently facing a severe crisis due to these record-high fuel prices, and it’s a major challenge for both the citizens and the government. On August 31, 2023, the interim government announced a substantial hike in petrol and high-speed diesel (HSD) prices, which shocked the entire nation.

With petrol now costing Rs 305.36 per liter and HSD priced at Rs 313.84 per liter, these rates have reached an unprecedented level. This places a significant burden on the people of Pakistan because of the rising cost of fuel. The sudden increase in prices, crossing the Rs 300 mark for the first time, is not only concerning in itself but also raises serious concerns about potential inflationary pressures on the economy.

The main reason behind this alarming price increase is the sharp depreciation of the Pakistani rupee (PKR) against the US dollar. Over the past ten days, the PKR has significantly declined, reaching an all-time low of PKR 305.54 against the US dollar on August 31, 2023. This depreciation has had a severe impact on Pakistan’s ability to purchase petroleum products at stable prices because the country heavily relies on imports to meet its energy needs.

Pakistan, as a net importer of petroleum products, is facing a challenging situation. Despite the negative effects of higher fuel costs on local consumption and businesses, the country imported energy products worth an astonishing $791 million in July 2023, compared to $1.44 billion in the same month the previous year.

This reliance on imports adds further pressure on the government to adjust prices in response to the volatile fluctuations in the global market, which have been particularly severe recently.