New petroleum cost might go up to PKR 309 for every liter in Pakistan following steep fall in rupee esteem and expected burden of deals charge on oil based commodities. As per investigation of expected petrol costs subsequent to changing swapping scale situation, Fahad Rauf, Head of Value Exploration at Ismail Iqbal Protections illustrated a situation of oil costs after new conversion standard and regardless of inconvenience of deals charge on oil based goods.

The price of petrol may go up by 50% by 1 February 2023, according to a report by the Wall Street Journal. This increase is due to the hike in international crude oil prices and the devaluation of the Pakistani rupee. The Wall Street Journal reports that the Pakistani government has not yet announced the price increase, but it is expected to be around 309 PKR per liter.

Wall Street Journal report on the petrol price increase in Pakistan

In Pakistan, the price of petrol may go up by 309 PKR per liter from 1st February 2023. Prices of other essential commodities such as wheat, sugar and other food items have also been increased. The hike in petrol prices is a result of increased global oil prices. It is said that the oil-producing countries are monopolizing the world oil supply and are not releasing enough oil to markets, which has led to an increase in global petrol prices. 

According to reports, the government has decided to ration petroleum products in the country in order to mitigate the effects of the high global oil prices. Petrol prices in Pakistan are among the highest in the world. In September 2018, the price of petrol was Rs.148.99 per liter.

Impact of Global Oil prices on Pakistan

According to a report by Express Tribune, the price of Petrol may go up by 309 PKR per liter by 1 Feb, 2023. The report states that the Ministry of Petroleum has decided to increase the Petrol price by Rs6 per liter in keeping with the global trend of crude oil prices. The Ministry has also decided to raise the prices of LPG and Diesel by Rs2.50 per liter and Rs4.50 per liter, respectively.

The decision to increase the petrol prices was taken at a meeting chaired by Petroleum Minister Shahid Khaqan Abbasi. The meeting was attended by officials from the ministry, the National Accountability Bureau, the Pakistan Economic Research Institute, and the National Highway Authority. The meeting was also attended by representatives from oil marketing companies.

Impact on the economy

The price of petrol is expected to go up by 309 PKR per liter from 1st of February 2023, owing to the current global oil prices. The increase will be implemented starting from Wednesday, January 30th, and will continue till the date of final announcement. The price of petrol has been fluctuating lately, with Brent crude oil prices increasing by around 27% in the last 12 months. 

This has resulted in an increase in the cost of refined products, including petrol. The increase will be implemented starting from Wednesday, January 30th, and will continue till the date of final announcement.

Increase in Petrol could cause a stir in Pakistan

The price of petrol may go up by 309 PKR per liter from 1feb 2023, reported The Express Tribune. The increase is due to the increase in international oil prices. The price of petrol has been increasing steadily in the past few months and it is expected to go up even more in the next year. This is because the international oil prices have been increasing steadily. The reason for this is that there is a shortage of oil and this is affecting the prices of other products as well.

The government has been aware of the increasing prices of petrol and other products and has decided to increase the prices of petrol and other products. This is to try and make some money and to help the economy.

What this means for consumers and businesses

The Pakistan petrol price may go up by 309 PKR per liter from 1 Feb 2023.According to a report by The Nation, the Oil and Gas Regulatory Authority (OGRA) has drafted a notification for a hike in petrol price by Rs 10/litre. The notification reportedly proposes a hike from current Rs 244/litre to Rs 309/litre. The notification has been sent to the Ministry of Petroleum and Natural Resources.

The hike in petrol price is likely to have an adverse effect on the economy. The Nation reports that the government has already lost Rs 30bn in revenue due to the current low crude oil prices. The report adds that the ministry is also facing a budget deficit of Rs 1,000bn.

Conclusion

It appears that the petrol price in Pakistan may go up to 309 PKR per liter from 1feb 2023. This is in light of the recent hike in the global crude oil prices. According to a report by The Express Tribune, Pakistan’s oil minister Shahid Khaqan Abbasi has said that the price of petrol may go up by up to Rs50 per litre starting from 1st February. This follows the hike in global crude oil prices, which reached an all-time high earlier this month.

The oil minister reportedly said that the increase in the global crude oil prices had caused an increase in the prices of petrol and other petroleum products. He added that the government was trying to keep a lid on the prices of these products. However, there has been widespread criticism of the government’s increased petrol price. Many people argue that the hike will cause a surge in inflation. Others say that the government should be doing more to address the issue of fuel scarcity.

Fuel scarcity has been an issue in Pakistan for some time now. The country is surrounded by countries that have an abundance of oil, which means that Pakistan has to import a large amount of fuel. This has led to a rise in the prices of fuel products. It is important for companies operating in Pakistan to understand the current fuel price situation. If they are planning to increase prices, they need to be aware of the potential backlash that they may face.