petrol prices today in pakistan: The government of Pakistan announced a reduction in the prices of diesel and petrol last night, under which the price of diesel has been reduced by Rs 40 per liter and the price of petrol by Rs 18 per litre. Prime Minister Shahbaz Sharif, while announcing the reduction in prices, said that oil prices have fallen in the global market due to which there was an opportunity to reduce the prices in the country.

petrol prices today in pakistan

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The coalition government that was established in early April in Pakistan continued the policy of the previous government of Tehreek-e-Insaaf and did not increase the prices of oil products in the country. After the hike started, the government hiked prices once again on June 3.

In the middle of the same month, June 15, saw a major increase in the price of diesel and petrol by the government, when the price of diesel went up by Rs 60 per liter and petrol by Rs 30 per litre.

On June 30, the current government increased the prices of petroleum products for the fourth time. Thus, in five weeks, the price of diesel increased from 144 rupees per liter to 280 rupees per liter, while the price of petrol increased from 150 rupees to 250 rupees per liter.

The government attributed the price hike to the increase in oil prices in the global market, along with the removal of subsidies on diesel and petrol under the terms of the International Monetary Fund (IMF).  

 Along with this, the petroleum levy on oil products was also imposed by the government at the beginning of the current financial year, which led to the increase in the price.

 The government has now attributed the fall in the prices of petroleum products to the falling prices in the world market, while experts in the oil and economy sector have also blamed the fall in the prices of oil in the world market for the reduction in the prices of petroleum products in the country. The reason given is that the reduction in prices by the government of Pakistan is almost in line with the global market trend.

 

What is the current price of petroleum products in the world market?

Yesterday, the price of a barrel in the US crude oil market reached 91 dollars, while the price of Brent crude oil fell to 94 dollars per barrel.

 The Chief Executive of Pakistan Refinery, Zahid Mir, speaking to BBC in this regard, said that oil prices are determined in Pakistan every 15 days and in these 15 days, the oil in Pakistan is based on the average of oil prices in the world market. The prices of the products are determined.

 He said that if we look at the price in the world market from June 28 to July 13, the price of crude oil fell from 115 dollars per barrel to 100 dollars per barrel, but he explained that more than crude oil in the world market. Prices of petroleum products have seen a decline, falling to around $35 per barrel.

 He said that the price of diesel in the world market dropped from 170 dollars per barrel to 135-140 dollars, while the price of petrol in the world market went from 145 dollars to 110 dollars per barrel.

 Zahid Mir says that the principle of import parity price (import parity price) is in force in Pakistan and the prices of diesel and petrol in the world market are determined by taking a 15-day average.

 Zahid Mir says that compared to crude oil in the world market, the price of oil products ie diesel and petrol has fallen more, which is about 35 dollars per barrel, while the price of crude oil is 15 dollars per barrel.

What are the causes of the global price drop?

petrol prices today in pakistan

Talking about the reasons for the decrease in the prices of crude oil and oil products in the global market, Sana Tawfiq, an economic affairs analyst at Arif Habib Limited, said that the way the price of oil in the global market increased. It was predicted that it would decrease because the huge increase in these prices was causing the purchasing power of many countries to go beyond the purchasing power of oil products, reducing demand.

On the other hand, due to the increase in the interest rate by the US Federal Reserve Bank, the demand was also decreasing. He said that not only the prices of oil products have decreased, but the price of coal has also decreased.

Zahid Mir said in this regard that the reason for the decrease in the prices of oil products in the global market is the fear of recession because the global oil industry understands that the way the prices were increasing, the demand will decrease and its As a result, inflation increased and the cost of doing business increased.

He said that interest rates were also increased by the US Federal Reserve, which affected the growth rate in the world and due to this, the demand was reduced.

He says that in the same way the Corona epidemic started to rise in the world and especially in China, there was a lockdown in some places which reduced the demand.

Regarding the Russia-Ukraine conflict and its impact on oil prices, Zahid Mir said that this conflict is going on in the background, but it has not only affected oil, but other commodities have also been affected by it.

petrol prices today in pakistan government passed

Has the government passed on the full relief of global price cuts to the public?

Is the government's reduction in diesel and petrol prices in Pakistan in line with their lower prices in the global market?

Regarding this, Zahid Mir says that the reduction in prices in Pakistan is in line with the trend of reduction in the global market and the government has given full relief in this regard because there is no change in the tax collected by the government on petrol and diesel. It didn't happen.

He said that no change has been made in the petroleum levy of Rs 10 per liter on petrol and similarly the levy of Rs 5 per liter on diesel has also been maintained.

According to him, the government should not have transferred the entire deficit as it had to increase the petroleum levy on the demand of the IMF and it was a good opportunity to increase the levy a little and pass the rest of the price reduction on the world market to the public. would do Sana Tawfiq said that "the full benefit of the reduction in the prices of oil products in the global market has been transferred to the people, which is evident from the fact that there is no change in the tax on oil products in Pakistan."

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