Latest Petroleum Prices in Pakistan on September 12, 2023

Today, on September 12, 2023, the petrol and diesel prices in Pakistan stand at Rs 305.36 per liter and Rs 313.84 per liter, respectively. These price levels will remain in effect until September 15, 2023.

Pakistan is currently facing an unprecedented petroleum crisis as fuel prices surge to historic highs, reaching an astonishing Rs 305.36 per liter for petrol and Rs 313.84 per liter for high-speed diesel (HSD) as of September 12, 2023. These exceptionally high rates, crossing the Rs 300 per liter mark for the first time, are expected to remain in place until September 15, 2023, causing widespread concern among the population.

The origins of this alarming price surge can be traced back to August 31, 2023, when the interim government announced a sudden and significant increase in fuel prices. This extraordinary development has raised fears of impending inflationary pressures and their significant impact on Pakistan’s already fragile economy.

The primary driver behind this turbulent surge is the sharp depreciation of the Pakistani rupee (PKR) against the strong US dollar. In the past ten days, the PKR has experienced a steep decline, hitting an all-time low of PKR 305.54 against the US dollar on August 31, 2023. This substantial devaluation has placed severe constraints on Pakistan’s ability to procure petroleum products at stable prices, given its heavy reliance on imports to meet its substantial domestic energy demand.

Pakistan’s status as a net importer of petroleum products exacerbates its precarious situation. Despite the adverse effects of soaring petroleum prices on local consumption and businesses, the country has found itself importing energy commodities worth a staggering $791 million in July 2023, a sharp contrast to the $1.44 billion imported in the same month the previous year. This increasing dependence on foreign imports further compels the government to adjust prices in response to the turbulent fluctuations in the global energy market, which has exhibited significant volatility in recent times.

As the Pakistani population grapples with these skyrocketing fuel prices, the nation prepares for the socioeconomic consequences of this extraordinary situation. This unfolding scenario underscores the immediate need for a comprehensive strategy to mitigate the adverse economic impact and guide the nation toward a more stable energy future.

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