In most countries, petroleum prices are affected due to many reasons. The most common factors that affect the price of petroleum are the cost of crude oil, distribution, profits, refining, fuel taxes, and marketing costs.
Especially in a developing country like Pakistan, the price of petroleum depends upon the financial capability of their respective government and economies. The developing countries also subsidize fuel prices in order to provide financial relief to the general public.
Asian countries like Bangladesh, Malaysia, China, Indonesia and India have established subvention tools and management systems. Some Asian countries also provide proper fuel subsidies in their annual financial budget to provide relief to citizens, which our country should also do.
In Pakistan, the federal government invests millions of rupees in order to provide subsidies and also to maintain fuel prices, and provide relief to citizens. But still government lacks the resources to provide fuel subsidies properly.
Petrol price in Pakistan today 2022
Like other Asian countries, Pakistan has also faced a wave of economic crisis. The main reason is the political unrest in the country which leads to the drastic changes in the petrol prices with each passing day.
Petroleum prices increases in Pakistan
These days Pakistan had faced a significant increase in the prices of petroleum just during the first half of 2022. The significant change in the prices of petroleum around the month and the difference between the previous cost is given below:
|
Months |
Price petroleum 2022 |
|
January |
Rs 144.82 |
|
February |
Rs147.83 |
|
March |
Rs.159.86 |
|
April |
Rs 160.86 |
|
May |
Rs 179.86 |
|
June |
Rs 240.89 |
|
July |
Rs 233.89 |
The table given above shows the great change in the cost of petroleum in a few months.
Types of Fuel in Pakistan
The specific type of fuel is used in the engines according to their design. The refined petroleum products in Pakistan are listed below:
High speed Diesel and petrol are the major petroleum products in Pakistan because they are used in a huge quantity. So, government earns a huge amount of revenue by these two petroleum products.
Petroleum Quality In Pakistan
Pakistan had been receiving a low quality petrol as compared to other countries in past. From 2016, Pakistan started importing high quality petrol with a higher Research Octane Number RON, 92. Now, the oil companies are refining RON or 97petrol.
Hi-Octane Prices in Pakistan
The Oil and Gas Regulatory Authority OGRA is unable to stabilize the Hi-Octane prices in Pakistan. Therefore, the price of Hi-Octant in Pakistan is different on petrol pumps across the country.
Euro Fuel Emission Standards In Pakistan
Euro V Emission Standards has been officially implemented in Pakistan. These standards are better for the improvement of engine performance of vehicles. By this the pollution is also reduced and will provide a safe and green environment in future.
In 2012, Pakistan was using Euro II Emission Standards when it was expired already. Now, Pakistan has jumped to Euro V Standard in 2020 and skipped Euro III and Euro IV. Other countries were already using the Euro V Standard since 2009. And now, Euro VI Emission Standard is implemented since 2014 and by 2025 expected to implement Euro VII Standard.
De-Stabilization of Petrol Prices In Pakistan
Petrol Prices in Pakistan have been unstable since the COVID-19 crises arose across the globe. The Oil and Gas Regulatory Authority OGRA is responsible for the stabilization of Petrol Prices in Pakistan. For a couple of months, OGRA is regularly revising the prices of petrol in Pakistan after every 15 days. The petrol prices in various regions are different for others.
The global transformation of oil and gas directly affects the prices of petroleum products in Pakistan. However, there are also many local factors which are involved in the destabilization of petrol prices in Pakistan. Petroleum Resources, Economic Situations and Instable Political Setup are the major local factor among them. Resultantly, petrol prices go to frequent ups and downs.
Highest Petrol Prices In Pakistan
Pakistan saw the highest petrol price in November 2021 when the petrol price was an all-time high at Rs 145.82. Stay tuned with Gari.PK for the latest updates on Petroleum Prices in Pakistan.
