The increased petroleum prices have come into effect from March 16, 2023, to March 31, 2023. Check the latest price now.
Petroleum prices in Pakistan have once more risen amid the ongoing economic crisis as the nation's currency weakens. Throughout the past year, there has been a noticeable decrease in the value of its local currency. On March 10, 2023, the rupee depreciated by 57% over the previous year, reaching PKR 280.77 to the dollar.
In advance of Ramadan, the Pakistan government increased the price of petrol by Rs. 5 per litre, further burdening the country's already-suffering populace from inflation.
From, March 16, 2023, the increased petroleum prices went into effect. Analysts had previously predicted that due to a considerable devaluation in local currency, gasoline prices will increase for an additional fortnight, from 16 March to 31 March.
According to a report by pk-revenue, the cost of High-Speed Diesel (HSD) has increased by Rs 13 per litre i.e, PKR Rs 293 now and the cost of MS (Petrol) has increased by Rs 5 per litre. PKR Rs 272 is the latest price now. The cost of light diesel oil has remained constant, however, the cost of kerosene oil has increased by 2.56 rupees per litre which is PKR Rs 190.29 now.
Pakistan is paying a high price for the IMF loan delay in the form of a sharp decline in the value of the national currency and a sharp rise in energy costs.
In order to access financing from its stalled IMF $6.5 billion loan programme, Pakistan, which is experiencing its worst economic crisis in decades, has put in place a number of policy measures, including greater taxes, higher energy prices, and raising interest rates to the highest level in 25 years.