Highest Ever: Pakistan Hits New Record for Fuel Prices

Jawad

16 Aug 2023

266

Highest Ever: Pakistan Hits New Record for Fuel Prices

In an abrupt turn of events, the interim government has dealt a heavy blow to the budgets of Pakistani drivers. As Tuesday's midnight struck, a significant surge in petrol prices by almost Rs. 17.50 and high-speed diesel prices by Rs. 20 was unveiled. The fresh petrol price now rests at Rs. 290.45, while high-speed diesel stands at Rs. 293.40 per liter. This sudden and sharp increase comes on the heels of a similar Rs. 20 spike initiated by the prior administration just a fortnight ago.

UPDATED FUEL PRICES
FROM AUGUST 16^TH , 2023
PRODUCT	OLD PRICES	NEW PRICES	DIFFERENCE
PETROL	272.95	290.45	+17.50
DIESEL	273.40	293.40	+20.00

Impact on the Global Oil Market

The decision to hike fuel expenses was attributed to the reverberating impacts of worldwide oil prices. The announcement, made by the Finance Division, underlined the surge in global petroleum rates as the impetus behind the local upswing. With international markets witnessing a steady climb in petroleum prices, Pakistan experienced the ripple effects, leading to a reevaluation of consumer petrol prices.

New Leadership, Fresh Fuel Costs

This recent alteration in fuel pricing signifies the first adjustment under the oversight of the interim government helmed by Anwaarul Haq Kakar, who assumed the role of interim prime minister just a day ago. The Finance Division's official statement clarifies that these updated rates will take effect from August 16, ushering in a new phase of more expensive fuel for Pakistani citizens.

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