Pakistan Increases Petrol Prices Amid International Market Fluctuations
Islamabad, Pakistan – The federal government of Pakistan has announced an increase in petrol prices by Rs 1.35 per litre, effective from today for the next two weeks. This adjustment aligns with changes in the international market. The new petrol price is Rs 248.38 per litre, up from Rs 247.03 per litre, as per a notification from the Finance Division.
The Finance Division stated, “The Oil and Gas Regulatory Authority (OGRA) has calculated the consumer prices of petroleum products based on international market variations.” Additionally, the price of high-speed diesel (HSD) has risen by Rs 3.85 per litre, now costing Rs 255.14 per litre, up from Rs 251.29 per litre.
Conversely, prices for some petroleum products have decreased. Kerosene is now priced at Rs 161.54, a reduction of Rs 1.48 from Rs 163.02 per litre. Similarly, light-diesel oil has decreased by Rs 2.61, now costing Rs 147.51 per litre, down from Rs 150.12 per litre.
Petroleum prices in Pakistan are heavily influenced by rising international prices due to the ongoing Middle East crisis. The country faces challenges from high smuggling and illegal trade, making it reliant on international sources for energy security. Previously, on October 1, the government reduced petrol prices by Rs 2.07 per litre, lowering rates from Rs 249.10 to Rs 247.03 per litre.
Oil and gas are crucial to Pakistan’s energy needs, accounting for over 79% of the energy mix. The price increase is expected to significantly affect the middle and lower classes, adding to the economic pressures from climate change, price hikes, and international market volatility.
Doubts Revealed
Petrol Prices -: Petrol prices refer to the cost of petrol, a type of fuel used in vehicles. When the price goes up, it means people have to pay more money to fill their vehicles with petrol.
International Market Fluctuations -: International market fluctuations mean changes in the prices of goods, like petrol, around the world. These changes can happen due to various reasons, such as supply and demand or political events.
High-speed Diesel -: High-speed diesel is a type of fuel used in larger vehicles like trucks and buses. It is different from petrol and is often used for heavy-duty engines.
Kerosene -: Kerosene is a type of fuel that is often used for cooking and heating in some homes. It is also used in lamps and sometimes in jet engines.
Light-diesel Oil -: Light-diesel oil is a type of fuel similar to diesel but lighter. It is used in some engines and machinery.
Smuggling -: Smuggling is the illegal movement of goods, like petrol, from one place to another. It can affect prices because it disrupts the normal supply and demand.
Economic Pressures -: Economic pressures refer to the financial difficulties people face, like when prices go up but their income doesn’t. This can make it hard for people to afford basic needs.
