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Petrol Price Jumps by Rs. 26 Per Liter

Jawad  15 Sep 2023   285
Petrol Price Jumps by Rs. 26 Per Liter

Petrol Price Jumps by Rs. 26 Per Liter

In a move that has further strained the common citizen's finances, the Pakistani government has recently revealed an increase in Petrol Prices and high-speed diesel (HSD) prices. Here's a breakdown of the latest surge in fuel costs. Pakistan Government Announces Another Fuel Price Hike.

The Latest Petrol Price Hike
On September 15, 2023, the government executed a substantial hike in petrol prices, raising them by an astonishing Rs. 26.02 per liter. This adjustment catapulted the price of petrol to Rs. 331.38 per liter,

UPDATED FUEL PRICES
FROM SEPTEMBER 16th, 2023
PRODUCT
OLD PRICES
NEW PRICES
CHANGE
305.36
331.38
+26.02
311.84
329.18
+17.34


The Government's Justification

The Finance Division has cited two primary factors for these price hikes. Firstly, international petroleum prices have been on an upward trajectory. Secondly, fluctuations in the exchange rate have further exacerbated the situation. Consequently, the government found it necessary to recalibrate the consumer prices of petroleum products. These revised prices came into effect on September 16, 2023.

Exchange Rate Impact on Fuel Costs
Exchange rates wield significant influence over fuel prices. Over the past fifteen days, there has been noticeable depreciation in the exchange rate. While a surge of Rs. 14 per liter in petrol prices was expected, the actual figures surpass this projection significantly. It's anticipated that this exchange rate shift will contribute an additional Rs. 2 per liter for petrol and Rs. 7 per liter for high-speed diesel, based on the pricing calculations anchored to the average exchange rate of Pakistan State Oil (PSO).

Recent Price Trends
This recent surge follows a substantial increase announced on August 31, with petrol prices soaring by nearly Rs. 15 and HSD prices by Rs. 18. These consecutive hikes have propelled petrol prices to an all-time high, significantly impacting the daily lives of citizens.

The government's rationale for these successive hikes has ranged from aligning with International Monetary Fund (IMF) programs to responding to erratic fluctuations in the international oil market. However, the most recent increase is primarily attributed to the significant depreciation of the Pakistani rupee against the dominant US dollar.

We invite you to share your thoughts and perspectives on this latest fuel price hike in the comments section below.

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