Petrol Prices Soar: Rs. 116/Liter Increase in 2023 – Pakistan’s Fuel Market

In a significant economic development, the price of petrol in Pakistan has witnessed a substantial increase, soaring by over Rs. 116 per liter since the beginning of this year.

At the start of the year, the price of petrol was recorded at Rs. 214.80 per liter. Fast forward to the present, and it now stands at Rs. 331.38 per liter, marking an eye-catching increase of Rs. 116.58.

This surge in petrol prices has also affected high-speed diesel, which has experienced a sharp rise during the same period. High-speed diesel started the year at Rs. 227.80 per liter but has since surged by Rs. 101.38 to reach Rs. 329.18 per liter.

It’s noteworthy that under the caretaker setup, which began on August 15, petrol prices have climbed by Rs. 58.43 per liter, while high-speed diesel prices have escalated by Rs. 55.84 per liter. This increase commenced with the caretaker government’s decision on August 15 to raise petrol prices by Rs. 17.50 per liter and high-speed diesel by Rs. 20 per liter. Subsequently, on September 1, another hike occurred, with petrol prices increasing by Rs. 14.91 per liter and high-speed diesel by Rs. 18.44 per liter.

The most recent review of petroleum prices unveiled the most significant hike, with petrol prices surging by Rs. 26.02 per liter to reach Rs. 331.38. In a parallel move, the price of high-speed diesel rose by Rs. 17.34 per liter to Rs. 329.18. This substantial increase in fuel prices has raised concerns and is closely monitored by the public and experts alike.