Petrol Price Increase February 2023

16 Feb 2023

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Petrol Price Increase February 2023

Starting from February 16, 2023, the cost of petrol in Pakistan will go up by Rs. 22.20 per liter. The Finance Ministry has also announced an increase of Rs. 17.20 per liter for High-Speed Diesel (HSD).

As a result of this recent price hike, the new prices of petroleum goods are as follows:

• Petrol: PKR 22.20

• High-Speed Oil: PKR 17.20

• Kerosene Oil: PKR 12.90

• Light-Speed Diesel (LDO): PKR 9.68

Updated Fuel Prices February 2023

Petrol: Rs.272

High-Speed Diesel: Rs. 280

Kerosene Oil: Rs. 202.73

Light Diesel Oil: Rs. 196.86

Last Petrol Price Hike in Pakistan

Last month, Finance Minister Ishaq Dar announced a significant petrol price increase of Rs. 35 per liter due to the severe devaluation of the Pakistani rupee against the US dollar. The prices of kerosene oil and light diesel oil were also increased by Rs. 18 in the same announcement. The removal of the unofficial cap on the dollar caused the Pakistani rupee to reach a historic low against the dollar, leading to this inflation.

To prevent temporary hoarding and speculation about petrol shortages, the Oil & Gas Regulatory Authority (OGRA) requested the government and Prime Minister Shehbaz Sharif to implement the new rates immediately.

The new increase in petrol prices in Pakistan will bring another wave of inflation as the masses are already facing extremely tough times. Despite the uncapping by the State Bank of Pakistan (SBP), the USD is still not stable against the PKR. There are also media reports of potential fuel shortages in Pakistan in the coming days, which is another worrisome news for the country. We have discussed the whole scenario of the petrol supply chain in our blog, and you can read it in detail here.

What is your take on the current and potentially increased petrol price in Pakistan? Share your thoughts with us in the comments section.

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