Petrol Prices From February 2023 in Pakistan
Today's Petrol Price in Pakistan History of Petroleum Prices 2023 Diesel Price in Pakistan Today 2023 Latest CNG Price in Pakistan
In Pakistan, who controls the price of gasoline?
Numerous factors influence the price of oil in a particular nation or area. The price of crude oil, which serves as the natural source for all petroleum byproducts, the cost of refining, the costs of distribution and marketing, earnings, and fuel taxes are a few notable elements.
Governments, especially in developing nations like ours, also subsidize fuel costs to lessen the financial burden on the general public, depending on the financial capacities of their various economies.
Millions of rupees are given as subsidies by Pakistan's federal government to keep fuel costs stable and help the average person. However, there is still no clear policy in place in the nation for the distribution of fuel subsidies.
Asian nations including China, India, Bangladesh, Indonesia, and Malaysia have efficient management systems and tools for subventions. Some of these nations even budget for fuel subsidies each year, something our nation ought to do as well.
PETROL PRICES TODAY IN PAKISTAN 2023
Let's now examine the most recent fuel costs in Pakistan. You can see the current prices for the most widely used petroleum by-products in the nation, including gasoline, diesel, light diesel, and kerosene oil, in the chart below.
Fuel TypeFuel Cost until January 28, 2023
Fuel Price Changes Beginning on 29 January 2023
PetrolPKR 214.8PKR 249.8Up by 35PKR
Light dieselPKR 169Increased by PKR 18PKR 187Kerosene OilPKR 171.83 DieselPKR 227.8Increased by PKR 35PKR 262.8
added 18PKR to make 189.83PKR
THE LATEST CNG PRICE FOR FEBRUARY 2023 IN PAKISTAN
In our nation, compressed natural gas (CNG) is another extremely popular fuel used to power cars. For the purpose of providing CNG, Pakistan has been separated into two regions: Region I, which includes Khyber Pakhtunkhwa, Balochistan, and Potohar region, which includes Islamabad, Rawalpindi, and Gujar Khan, and Region II (Sindh and lowlands of Punjab).
The cost of natural gas fuel can differ from one place to another. The most recent CNG prices in Pakistan for both of these areas are provided below for your information. Look at this!
Pakistan's CNG price for February 2023 (Region I) is PKR 145 per KG.
Pakistan's CNG price for February 2023 (Region II) is PKR 195 per KG.
QUICK HISTORY OF PAKISTAN'S PETROL PRICES
The worldwide petroleum business was severely harmed by the coronavirus outbreak. The oil and gas industry is oversupplied as a result of the sharp decline in global fuel demand. In Pakistan, fuel usage decreased by 11% during the June–July fiscal year 2019–2020 as stringent lockdowns were implemented and the majority of people stayed indoors out of fear of contracting COVID-19.
The corporate sector has declared various work-from-home policies. In Pakistan, the cost of petroleum products was at its lowest point in the previous 10 to 12 years. Fuel costs in the nation hit a record low of PKR 74.52 per liter in June 2020. Additionally, several areas of the nation began experiencing fuel issues as a result of the severe lockdown measures.
Thankfully, these difficulties didn't last long. The frequency of coronavirus cases decreased in the second half of 2020, and the government began to emphasize sensible lockdown strategies rather than severe lockdown measures. Large-scale businesses and industries were permitted to restart operations while adhering to COVID-19 SOPs. In Pakistan, the cost of a litre of gasoline increased by PKR 25.58 by the end of June 2020, to PKR 100.10.
Petroleum prices are anticipated to increase further in the upcoming months as a result of the nation's unsteady economic status and the rising demand for fuel on the global market. The price of gasoline in Pakistan today is PKR 249.8, as shown in the table above. Skyrocketing continues to be seen in 2023.
The price of gasoline in Pakistan today is PKR 249.8, as shown in the table above. Fuel costs will continue to soar in 2023, mostly as a result of the unstable economy and rising inflation. To stay informed about the changing prices of petroleum products across the nation, keep checking back.
Now, you might be asking who organization is in charge of policing Pakistan's oil and gas industry and recommending the prices of petroleum goods. The answer you're seeking for can be found in the part after this one in our blog.
WHO OR WHAT BODY CONTROLS THE OIL AND GAS SECTOR IN PAKISTAN?
The Pakistani government established the Oil and Gas Regulatory Authority (OGRA) in 2002 to oversee the nation's fuel industry. OGRA creates a thorough summary to suggest changes in gasoline prices in Pakistan based on the demand, supply, and utilization of numerous other important resources.
The Prime Minister of Pakistan must accept this summary before it can be put into effect; if not, the pricing will remain the same. Pricing negotiations between the government and OGRA are also a critical step in the process.
It's time for us to wrap up now that we've covered all the essential details about petrol prices in Pakistan and the essential causes of their periodic fluctuations. Send us an email at support@rightdeed.com if you have any inquiries or comments about our blog.
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