Petrol Prices in Pakistan 2024
Petrol, also known as gasoline is derived from petroleum. It is a transparent liquid which is extremely flammable. Any contact with flames or sparks and it will engulf everything around it. It is also full of energy. These factors make it an ideal fuel source for combustion engines used in automobiles such as cars and motorbikes. We are providing accurate and regular updates for petrol prices in Pakistan.
Oil prices change around the world, and a change in dollar prices also determine the petrol price in Pakistan. Government bodies such as ORGA (Oil and Gas Regulatory Authority) and the ministry of Pakistan are always looking at these important changes and changing petrol rates accordingly. Refer to the table below for petrol price in Pakistan today and diesel price in Pakistan.
| Product | New Price (Rs.) | Old Price (Rs.) | Change (Rs.) |
| Petrol | Rs 249.10 | Rs 259.10 | -10 |
| High Speed Diesel | Rs 249.69 | Rs 262.75 | +13.06 |
What changes Petrol Prices in pakistan?
Oil prices change around the world, and a change in dollar prices also determine the petrol price in Pakistan. Government bodies such as ORGA (Oil and Gas Regulatory Authority) and the ministry of Pakistan are always looking at these important changes and changing petrol rates accordingly. Refer to the table below for petrol price in Pakistan today and diesel price in Pakistan.
Because of constant changing of dollar rates, petrol prices are changed a lot. These changes usually take place every 2 weeks. In this article, you will see all political and financial issues in Pakistan and beyond so we can know why dollar prices keep changing.
Factors that change petrol prices in pakistan
Global Crude Oil Prices
The main reason for the change of petrol prices in Pakistan is because of global price changes. Pakistan imports most of its crude oil and petrol from other countries. If the import prices change, it will change the prices that people will have to pay for petrol accordingly.
Exchange rates
Exchange rate is also a very important factor when it comes to change on petrol prices. When, in comparison to currencies from other countries, Pakistani Rupees (PKR) gets weaker or stronger, it influences the price of import from other countries, thus changing the price for people.
Government Taxes
When the government brings sudden taxes or levies into play, there can be very sudden changes of petrol rates in Pakistan. More on that in the next section.
Government policies
Price Measurement Mechanism (PMM)
The Price measurement mechanism (PMM) is used by the government to adjust the petrol prices in accordance to exchange rates, local operational costs, and oil prices in other countries.
Petroleum levy
The Government of Pakistan brought forward many different taxes and levies, trying to control its price. It introduced taxes like the Petroleum Levy, General state Tax (GST) and many other taxes which were added to the initial Petrol rates in Pakistan.
Impact of high prices on the community
Increased transportation fares
The fuel price in Pakistan keeps changing, meaning that it changes public transportation fares by a huge amount. This is a massive concern for people who rely on buses or trains for transportation.
Inflation
The change in prices can start inflation throughout the country. Transportation prices may increase, the costs of community services and goods will skyrocket, and it will massively affect the purchasing ability for people.
Household Budgets
In Pakistani households, a massive amount of their monthly budgets is for transportation and petrol alone. Such price spikes will be extremely harmful for their budgets, leading to change of lifestyle or cutting down on necessities.
Alternatives
Public Transportation
The use of trains and buses are great alternatives that can save you some money. The prices are relatively lower and they are a convenient method of transport.
Hybrid/Electric vehicles
Electric vehicles only require charging, and have no gas emissions. This not only helps your wallet, but the environment. Hybrid cars also have an electric battery and motor used at low speeds that are suitable for city traffic.
Conclusion
The prices of petrol keep changing based on Global exchange and trade rates. They are also affected by government policies and they have a significant effect on inflation rates throughout the country. Now we know the reason petrol prices fluctuate in Pakistan every few weeks or unexpectedly.
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