Fuel prices wield significant influence over a country’s economic trajectory, as fluctuations in rates exert a direct and discernible impact on inflation levels. In a pivotal policy shift, the government has transitioned from a monthly to a fortnightly pricing mechanism for fuel products, a move prompted by both industry demands and a strategic effort to safeguard against inventory losses.
Fuel prices in Pakistan today
Formerly subject to monthly revisions, petrol prices in Pakistan are now adjusted every two weeks, a change intended to bring greater stability to the market. Moreover, the pricing benchmark, once linked to Pakistan State Oil (PSO) oil imports, has now pivoted to Platts indexes. This shift seeks to ensure a more transparent and responsive pricing structure.
Here’s a detailed table showing the previous and current fuel prices in Pakistani Rupees (PKR):
| Fuel Type | Previous Price (PKR) | Current Price (PKR) | Price Increase (PKR) |
|---|---|---|---|
| Petrol | 247.03 | 248.38 | +1.35 |
| High Speed Diesel | 251.29 | 255.14 | +3.85 |
| Light Speed Diesel | 150.12 | 147.51 | -2.61 |
| High Octane | – | 255.88 | – |
| Kerosene Oil | 163.02 | 161.54 | -1.48 |
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As evidenced by recent figures, the ramifications of these changes are tangible. On November 1, 2024 – Petrol prices in Pakistan have surged by Rs.1.35, while High-Speed Diesel (HSD) increased by Rs.3.85. These adjustments resonate beyond mere numbers, underlining the intricate interplay between fuel costs and broader economic dynamics.
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