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Latest Petrol Price in Pakistan (December 2023)
As of December 1, 2023, the price of petrol in Pakistan is Rs281.34 per liter. The price of high-speed diesel (HSD) is Rs289.71 per liter.
Here are the prices of other fuels in Pakistan:
- Light-speed diesel: Rs175.93 per liter
- Kerosene oil: Rs201.16 per liter
The federal government announced revisions to petroleum prices on November 30, 2023. The new rates took effect on December 1.
Current Petrol, Diesel and CNG Rates (December 2023)
| Fuel Type | Previous Price (PKR) | Change | Current Price (Dec 2023) |
|---|---|---|---|
| Petrol | 281.34 | No change | 281.34 |
| High-Speed Diesel | 296.71 | Dropped by 7 | 289.71 |
| Light Diesel | 180.45 | Dropped by 4.52 | 175.93 |
| Kerosene | 204.98 | Dropped by 3.82 | 201.16 |
CNG rates for December 2023 are PKR 200 per kg in KP, Balochistan, Islamabad/Rawalpindi (Region I), and PKR 200 per kg in Sindh and Central Punjab (Region II).
Factors Influencing Fuel Prices in Pakistan
A lot goes into determining the prices we pay at the pump. Global crude oil prices play a major role, as oil is the raw material for gasoline, diesel, and other petroleum products. Local factors like refining, distribution, and marketing costs also have an impact. Oil companies’ profits and government taxes further add to retail fuel prices.
Depending on their financial situation, governments often provide subsidies to cushion the impact of high fuel prices on citizens. However, Pakistan lacks a consistent fuel subsidy policy. Neighboring countries like China, India, and Bangladesh have well-structured systems to manage fuel subsidies. Our government should consider a similar approach by provisioning for subsidies in the federal budget.
Tracking Petrol Price Trends in Recent Years
The COVID-19 pandemic disrupted oil demand and supplies globally, leading to major price fluctuations. Consumption dropped significantly during Pakistan’s lockdowns in mid-2020. Petrol hit a 10-12 year low of PKR 74.52 per liter in June 2020. Some regions also faced temporary fuel shortages.
As lockdowns eased and industrial activity resumed, oil demand and prices picked up. By the end of June 2020, petrol was selling at PKR 100.10 per liter – up PKR 25.58 in a matter of weeks.
Going into 2023, fuel rates continue their upward trajectory, crossing PKR 267 per liter currently. Economic uncertainty and high inflation are putting pressure on petroleum prices. We can expect further volatility in the coming months.
The Oil & Gas Regulatory Authority (OGRA) reviews market conditions and advises the government on the pricing of petroleum products. The final notified prices may vary based on the subsidy funding allocated.
Who Keeps Watch Over Pakistan’s Fuel Prices
The Oil and Gas Regulatory Authority (OGRA) was established by the Pakistani government in 2002 to oversee the country’s oil and natural gas sectors. Using data on supply, demand, and other vital economic factors, the OGRA puts together recommendations for adjusting domestic fuel rates.
Before any price changes can take effect, they must be signed off on by Pakistan’s Prime Minister. There is often back-and-forth negotiation between the administration and the OGRA to arrive at satisfactory pricing. So while the OGRA gathers the numbers and makes proposals, final authority lies with the PM’s office. Monitoring the fuel supply chains and keeping this key industry stable is a joint effort between the regulatory body and national leadership.
Consumers in Pakistan may soon see some relief at the pumps as global oil prices tumble. Reports indicate the caretaker government is poised to announce significant cuts to petrol and diesel prices on November 30, taking effect December 1.
This potential price slash comes on the heels of a worldwide downturn in crude oil rates. Prices for Russian crude recently dipped below $60 per barrel, with the European Union establishing this amount as a new benchmark. Meanwhile, Brent crude declined 1% to $80.58 per barrel. Despite the slight drop in Brent rates, Russian oil still remains cheaper than the EU’s new standard.
Fluctuations in the equities market slowed industrial profits in China, and discord within OPEC oversupply policies also impacted crude prices. Still, around half of analysts predict the oil market will tighten soon through additional production cuts. Since late September, Brent rates have fallen nearly 20% due to heightened supply and geopolitical tensions easing.
Petrol prices in Pakistan
Petrol currently sells for Rs281.34 per liter in Pakistan, while high-speed diesel goes for Rs296. Reports indicate the government may cut prices by up to Rs20 per liter, bringing substantial savings to Pakistani consumers struggling with high fuel costs.
As of November 27, 2023, the price of petrol in Pakistan is Rs281.34 per liter. The price of high-speed diesel (HSD) is Rs296 per liter.
The federal government is expected to announce revisions to petroleum prices on November 30, 2023. The new rates are expected to take effect on December 1, 2023.
Here are some other petroleum prices in Pakistan today:
- Light-speed diesel: PKR 180.45 per liter
- CNG Region-I: PKR 210 per kilogram
- Kerosene oil: PKR 204.98 per liter
Today Petrol Prices in Pakistan
Petrol prices in Pakistan change often and affect daily life for many people. As costs go up and down, it’s smart to pay attention so you can plan your budget. Filling up your car, driving to work, even buying groceries – it all depends a bit on what fuel costs that day. Many factors around the world influence prices here. So I try to catch the latest rates on the news or online to know what to expect at the pump. Whether I need petrol, diesel, kerosene, or CNG, tracking prices help me handle my expenses and navigate how much fuel my business or family needs. Even small price swings can mean notable differences over time. Staying informed is crucial. What fuels do you use the most? Knowing today’s prices can guide good choices – for travel, goods, and making ends meet this week and next. Monitoring those rates takes little time but pays off in better planning.
The following are the most common fuels in Pakistan:
- Petrol (Super and Hi-Octane)
- Diesel (High Speed and Low Speed)
- Kerosene
- Liquid Petroleum Gas (LPG)
- Compressed Natural Gas (CNG)
Diesel, CNG, and LPG Prices in Pakistan
Petroleum, commonly known as gasoline, is one of the most widely used fuels for vehicles across Pakistan and the world. It is obtained by fractionally distilling crude oil. Gasoline prices in Pakistan tend to fluctuate frequently, but can easily be found with a quick search.
Diesel Price in Pakistan Today
Diesel is another popular fuel derived from crude oil that is well-suited for diesel engines. It provides good fuel economy and acceleration, making it ideal for trucks, buses, trains, and other heavy vehicles. Diesel is generally more affordable than gasoline in Pakistan. Current diesel prices can be found on this page.
Compressed Natural gas (CNG)
Compressed Natural Gas (CNG) has emerged as an environmentally friendly and cheaper alternative fuel choice compared to gasoline and diesel. It is compressed methane gas that can be used in vehicles like buses, vans, trucks, and cars, provided there is sufficient space that is not taken up.
Liquid Petroleum Gas (LPG) & Kerosene
While Liquid Petroleum Gas (LPG) and kerosene can also theoretically be used to power vehicles, they are far less common options.
The Price of High-Octane Gasoline in Pakistan
In Pakistan, high-octane gasoline comes at a steep price. With some of the most expensive gas prices globally, Pakistan’s premium fuel grades reflect both superior quality and heightened demand. For those seeking maximum engine performance, staying updated on the latest high-octane rates can inform spending decisions, despite unpredictable pricing between stations.
Pakistan’s Progress on Reducing Vehicle Emissions
Pakistan strives to catch up with global vehicle emission standards that promote cleaner air and better engine efficiency. After adopting the outdated Euro II standards in 2012, this year Pakistan bypassed Euro III and IV to implement the decade-old Euro V regulations. Though behind the Euro VI policies adopted by many countries in 2014 and the upcoming Euro VII standards expected by 2025, this leap represents progress. Enacting stronger exhaust emission controls benefits Pakistan’s environment for future generations.
Oil Prices in Pakistan
Petrol, or gasoline as it’s also called, is one of the most widely used fuels for vehicles across Pakistan. It’s made by refining crude oil, and it powers most cars and motorbikes around the country. Petrol prices here tend to fluctuate frequently, so people often check the latest rates.
The quality of the petrol depends largely on its “octane rating” – the higher the number, the better it can withstand “engine knocking” and deliver cleaner power. There are a handful of major petrol providers in Pakistan, including the state-owned PSO, as well as private companies like Attock Petroleum, Total Parco, Shell, and Hascol. These refineries supply most of the nation’s petrol needs.
Up until recently, the grade of petrol available in Pakistan lagged behind international standards. Even less developed nations offered higher-quality fuel. But since 2016, most petrol here has been Euro 92 or Euro 95 – on par with global benchmarks. So nowadays, Pakistani drivers can fill up their tanks knowing they’re getting petrol that’s good enough for modern engines. The days of substandard knock-off petrol are thankfully behind us!
Petrol Rate in Pakistan 2023
Petrol prices are always a hot topic in Pakistan. But there’s a lot of confusion out there about how they are set. Let me break it down for you.
Basically, petrol comes from crude oil. So the whole supply chain matters – from pumping oil out of the ground to refining and distributing it to gas stations. Each step adds costs that get passed on to drivers at the pump. On top of the basic costs, the government slaps on taxes, which really bump up the retail price.
Since oil is traded globally, what happens in the world market also impacts Pakistan. When the rupee loses value compared to dollars, oil gets more expensive for us to import. That’s what has been happening since 2018 as the rupee depreciated. Pump prices shot up.
In 2021, the government tried to ease prices by cutting taxes. It provided some relief but wasn’t sustainable long-term. This issue plagues developing countries like ours that rely heavily on imported oil. It makes prices vulnerable to external shocks and inflation. Tough for the average driver!
The Oil and Gas Regulatory Authority (OGRA) oversees pricing here. They review rates twice a month and announce new ones on the 15th and last day. The set prices last 15 days usually. There’s also variation between regions.
So in a nutshell, what we pay at the pump depends on both global oil markets and domestic factors like supplies, economic conditions, politics, etc. No wonder it’s always going up and down! Pretty complicated stuff for the common man to track.