The Latest Petrol Prices In Pakistan – September 2023

The Latest Petrol Prices In Pakistan - September 2023

According to the government announcement, the latest Petrol Prices in Pakistan has been raised by Rs. 26.02 per litre, while on the other side, the Price of High-Speed Diesel (HSD) has been jacked up by Rs. 17.34 per litre. This brings the new Petrol Price to Rs. 331.38 per litre, and High-Speed Diesel (HSD) will now cost Rs. 329.18 per litre.

ProductOld Price (PKR)Old Price (PKR)Change (PKR)
High Speed Diesel (HSD)311.84329.18+17.34

Latest Petrol Prices In Pakistan

The latest hike in Diesel and Petrol Prices in Pakistan is effected on September 16, 2023, for the second half of the month. It also bears mentioning that for the first time in the history of Pakistan, Petrol is more expensive than the US Dollar, which stood at 296.85 on September 15, 2023.

The Finance Division has issued the notification, and stated

Owing to the increasing trend of Petroleum prices in the international market, the Government has decided to revise the existing prices of petroleum products.

Here is a copy of the Finance Division notification over latest petrol prices in Pakistan:

latest petrol prices in Pakistan

In the last fortnight’s review, the caretaker Federal Government had increased the latest Petrol Prices in Pakistan by Rs. 14.91 per litre. At the same time, High-Speed Diesel (HSD) witnessed a hike of Rs. 18.44 per litre, bringing the price of both commodities to Rs. 305.36 per litre and 311.84 per litre, respectively.

Will Petrol Prices In Pakistan Stops At Rs.332?

Mental shocks can lead someone to experience delusions, and the same can be said for financial shocks. Among other differences, what sets apart the present generation of motorists from their elders is that the latter never had to pay Rs.332 for one litre of petrol. 

Lately, especially since September 16, 2023, some of us have started to believe that the per-litre price of petrol can’t go up any further. This belief is largely driven by the fact that, in Pakistan’s entire history, motorists have never had to pay this much for petrol. However, upon closer examination, it becomes clear that this belief is based on hope rather than a cold analysis of historical trends in oil prices, economics and policy. 

Why Are Petrol And Diesel So Expensive In Pakistan?

The primary reason for these price increases is the fluctuating value of the US Dollar, as international oil prices aren’t exceptionally high right now. In August, they hovered around $87 a barrel, a far cry from the $147 per barrel cost of crude in July 2008. However, data from OPEC’s official site shows an upward trend, which doesn’t bode well for Pakistani motorists.

The US Dollar, both in the interbank and open markets, has depreciated considerably in the past few weeks. However, it is attributed to administrative measures rather than a stronger economy. Many market analysts agree that this downward trend is likely to reverse shortly.

Even if the international oil rates were to decrease, and the Rupee were to appreciate against the US Dollar, there’s still the multitude of taxes that the government collects from each liter of petrol sold at the pumps. Stay Updated of latest petrol prices in Pakistan With The Yard Marketing.

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