Pakistan to Expect High Fuel Rate up till March 2022
Overview of Petrol Prices in Pakistan
Types of Fuel in Pakistan
Update (16 June 2022):
A hike in petrol prices is not surprising news for the citizen of Pakistan. However, it’s disturbing and frustrating how the prices of petrol and petroleum products are massively increased. Within the month of June 2022, the prices reached up to Rs 233.89 / Litre for Petrol and Rs 263.31/ Litre Rupees for Diesel. The current prices affected from 16, June 2022
Previously, this issue became more prominent between the time period from 27 May to 02, June 2022 when prices rise up to Rs 60 per litre. The reason presented by Finance Minister Miftah Ismail was to release up to $1 billion for the International Monetary Funds (IMF). Further, he added that the prices will rise twice in the coming days.
However, as per the statement, the Petrol prices reached their record-breaking price. Today, Finance Minister announces the updated prices for Petrol, which is Rs 263.31 per litre. Furthermore, that means the rate rises up to Rs 24.02.
Update (1st March 2022):
As petrol prices, issues create a massive hype within the country. Now the latest news of petrol prices surprise them, as our Prime Minister Imran Khan said;
“In order to provide relief to the people, I want to announce that instead of increasing the price of petrol and diesel, we are reducing it by Rs10 per litre,”
However, it has also been said Pakistan imports petrol from the other countries, any further fluctuation in petroleum products in the international market will impact the prices in the country. And there is nothing government can do.
New updated petrol price following all over the country from today is Rs149.86 per litre.
Update (25th Feb 2022):
The tensions between Russia and Ukraine have resumed after the last conflict in 2014, which has been going on since August 1991, when Ukraine claimed its independence from USSR (Soviet Union). This clash is not just between these two countries anymore but between Western powers and Russia now. History has not been bad but the worst every time these powers clashed in the past. But how will it affect petrol prices in the entire world and why should Pakistanis be worried?
The answer is simple, petrol prices will be hit again badly. This is where the crisis starts. Pakistanis already faced a massive blow of Rs. 12.03 hike per litre in petrol prices in mid of February 2022. While, another similar hit is inevitable in the upcoming week, which could raise the petrol prices by Rs. 200 – Rs. 225 according to experts.
The United States of America and the United Kingdom have already begun the imposition of sanctions on Russia, which will grip the entire world once again. Furthermore, this hike in petrol prices will hit not just Pakistan but also all the countries as the international prices are expected to reach around $ 150 per barrel if the situation goes worse. In addition, prices of all the commodities will be hit massively and inflation will roar once again in Pakistan.
Update (16th Feb 2022):
Predicting a drift in petrol prices above Rs. 150 makes its way in Pakistan today. The Government of Pakistan raised the petroleum products price by 12.03 rupees. However, the current petroleum price breaks all records and is one of the highest rates in history.
The reason for such a significant increase is the variation of petroleum price products in the international market after the drastic increment in crude oil. The major change in petrol prices will affect millions of Pakistanis household budget.
The new rates are observed from 16th February (Today). Hence the final prices are mentioned below:
| Products | Existing Price | New price (16th Feb) | Increment |
| MS petrol | Rs. 147.83 | Rs. 159.86 | Rs. 12.03 |
| High speed diesel | Rs. 144.62 | Rs. 154.15 | Rs. 9.53 |
| Kerosene oil | Rs. 116.48 | Rs. 126.56 | Rs. 10.08 |
| Light diesel oil | Rs. 114.54 | Rs. 123.97 | Rs. 9.43 |
In addition, it is quite common to say that the Government of Pakistan is increasing the petrol prices every alternate fortnight. The variation of Petrol prices in Pakistan deeply impacts every household. The fluctuation price of petroleum turns out to be a massive debate in Pakistan.
It troubled the vehicle owners and the passengers of public transport. The high rates increase the daily expenditure of living. Additionally, it is another very general situation in a country that a bit of increase in petroleum product increases the unnecessary public transport fare.
Pakistan to Expect High Fuel Rate up till March 2022
Over a period of a few months, Pakistan has seen a consistent change in petroleum prices. However, we can expect that sooner or later petrol prices will hit up to Rs.150 per liter. The reason behind this increment is crude oil prices in the international market.
Today petrol price in Pakistan is Rs. 147.83 per liter, whereas diesel cost is Rs. 144.62 per liter. If we check last year’s history, on 16th October 2021, the petrol price rises up to 10 rupees per litre, that was Rs. 127.21 up to Rs. 137.79. Similarly, diesel increased by 12 rupees, which was Rs. 121.99, up to Rs. 134.48. Within a span of three months, Pakistan stands with the Highest Petrol Price of Rs. 147.83, and we can expect to go higher.
Furthermore, the fuel price hike is a global practice. Most Asian countries have increased the prices, and some are thinking about it. The latest fuel price of India is Rs. 104.01 per litre, Bangladesh is 89 Bangladeshi Taka per litre, and Dubai is Dirham 2. 65 a litre.
The chart showing New Petrol Price in Pakistan followed from 16th January 2022.
| Product Name | Existing prices on (Jan 01, 2022) | New prices on (Jan 16, 2022) | Increment |
| Petrol | Rs. 144.82 | Rs. 147.83 | +3.01 |
| High-speed diesel | Rs. 141.62 | Rs. 144.62 | +3.00 |
| Kerosene | Rs. 113.48 | Rs. 116.48 | +3.00 |
| Light diesel oil | Rs. 111.21 | Rs. 114.54 | +3.33 |
Overview of Petrol Prices in Pakistan
Petrol prices are divided by several factors. It includes exploration of crude oil, production, and finally, product refining. Hence such segments play a meaningful role in providing oil at the filling station. However, the final cost paid to the distributor adds the amount on account of each sector of the industry to the value oil chain. In any part of the world, you live in; even in an oil-rich country, the Government Issues fuel taxes to facilitate the production industry.
The cost division is based on taxes, marketing costs, and revenues; these factors may vary from country to country. Paying electric bills or PESCO bills each follow the same structure of the costing framework. In Pakistan, the Government regulates the petrol prices, and the price of fuels is notified by the Oil and Gas Regulatory Authority (OGRA) monthly.
According to the sources, it is said that the Petrol prices will be shoot up to 10 rupees in March, 2022, because of the rising rate in the international market.
Types of Fuel in Pakistan
Several types of fuels are available in the market, such as:
- Gasoline
- Diesel fuel
- Liquefied Petroleum Gas (LPG)
- Natural Gas
Gasoline
Gasoline is an automobile fuel made from crude oil and petroleum liquids. Gasoline is mainly used all around the world to power cars, boats, scooters, and other machinery. It is commonly available at gas stations. The Gasoline price in Pakistan is Rs. 147.83.
Diesel Fuel
Diesel is made from petroleum liquids, just like gasoline. It undergoes refining using various methods before the final product. Additionally, it is more efficient than gasoline and produces less impact on greenhouse gases. It is designed to operate in industrial trucks and agricultural equipment. The latest price of diesel is Rs. 141.62 in Pakistan.
Liquefied Petroleum Gas (LPG)
Liquefied petroleum gas is a mixture of hydrocarbon gases, including propane, butane, and propylene. The LPG is commonly found in our day-to-day life as it is used for various household purposes. The fuel provides the energy for cooking and heating. However, it is called liquefied gas because it transforms into a liquid. It is stored in a liquid form in a steel container, tank, and cylinder. While using the LPG gas cylinder, precautions are also essential. The price of LPG in Pakistan is Rs. 196 per Kg.
Natural Gas
Natural gas is mainly used as a keen source for heating, cooking, and electricity generation. It is a versatile, efficient fuel available worldwide. Natural gas is found in deep underground rocks associated with coal. It is a tasteless and colorless gas. Moreover, it produces a harmless emission than any other fuel like diesel or petrol.
This is all about petrol prices and other fuels in Pakistan. If you want to read more about vehicle verification and taxes, do check our blog on vehicle tax in Sindh and Online Vehicle Verification.
For more information, keep reading JagahOnline blogs, and do not forget to check us out on Facebook and YouTube.