Oil prices in Pakistan has always been the hot topic in the country. After every fortnight the oil prices witness the slight or huge change. Recent week oil prices in Pakistan saw a little increase and the trend will continue so. According to the source, Financial institutions are pressing hard the Government of Pakistan to increase the revenue collection.
So far the Government of Pakistan has not make a significant improvement in tax collection. Anyhow IMF expressed little satisfaction for increasing the tax net. This would increase the Government capacity to generate more revenues.
Last week oil prices in Pakistan witness a little increase in the price. Jumping from 279.75 per liter the new price mark the 289.41 per liter. This week petrol price has jumped 9.66 PKR per liter
High Speed Diesel (HSD) has witnessed the little decrease in its prices. The prices of HSD dip to 282.82 per liter from 285.56 per liter. HSD prices has been decreased to 3.32 PKR per liter
Future of Oil Prices in Pakistan
There is no hard and fast rule which can predict the oil prices in Pakistan. However, certain factors can affect the oil prices in Pakistan which includes the dollar rate, Government policies, financial institutions obligations etc. P
Collectively above said factors determine the price of oil prices in Pakistan.
Types of Petroleum Products in Pakistan
Petroleum, often known as crude oil, is a naturally occurring liquid that is found beneath the surface of the Earth. The slow, long-term breakdown of biological stuff is where it comes from. Because it is refined in specialized refineries, this fossil fuel is significant. Furthermore, the following are some typical petroleum types:
Oil prices in Pakistan
With a higher octane level that offers superior engine performance, this type of gasoline is also referred to as “super.” It is a major component in cars and bikes. As per the most recent data, petrol costs PKR 289.41 in Pakistan.
High Speed Diesel Price in Pakistan
Commercial vehicles typically run on high-speed diesel, which allows them to exceed 7500 RPMs. For buses, trucks, and heavy-duty autos, it is the best option. Furthermore, the cost of high-speed diesel in Pakistan is now PKR 282.84, down a little Rs 3.32.
Light Speed Diesel in Pakistan
In Pakistan, light speed diesel rates are mostly used for medium-sized cars. Generally speaking, these cars require more power than customized used cars. In Pakistan, light-speed diesel is priced at Rs. 166.86.
Kerosene Price in Pakistan
Throughout Pakistan’s petroleum industry, kerosene oil is highly sought for. Usually, it gives minor machinery and equipment power. In Pakistan, the cost of kerosene oil is PKR 186.86.
LPG Price in Pakistan
Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG) are imported into Pakistan. LPG is used in Pakistan for two reasons. It is utilized as fuel for vehicles as well. It does, however, also satisfy the natural gas needs of the average home. As of December 1, 2023, the price of liquid petroleum in Pakistan is RS 254.86 per kilogram.
Compressed Natural Gas
Compressed Natural Gas (CNG) is a clean-burning alternative fuel derived from natural gas, primarily composed of methane. It undergoes compression to reduce its volume for storage and transportation. It typically can reach pressures of 3,000 to 3,600 psi. CNG is cheaper than diesel fuel.
High Octane price in Pakistan
Due to its better quality and performance benefits, Pakistan’s high octane gasoline commands a large price, making it one of the most expensive in the world.
Highest Oil prices in Pakistan
In January 2023, the price of petrol reached its highest point in Pakistani history, at Rs 331.38 a litre. But, it also sometimes hovers around the 230 mark when petroleum goods are in high demand all around the world, which is the case right now.
The value of the Rupee on the global market affects how much oil costs as well. Pakistan’s oil prices have gone up on the international market since 2018, when the Rupee depreciated.
By lowering the tax margin, the Pakistani government attempted to control gasoline prices throughout the nation in 2021.
Though successful, the tactic was only a temporary fix. Problems such as these are typical of emerging nations such as Pakistan that heavily depend on imported oil. This causes the price of oil to rise and makes it more difficult for customers to purchase gasoline.