Petrol costlier by Rs 4.93/litre in Pakistan:Diesel prices increase by Rs 367.21/liter; new rates effective from July 22

The Pakistani government has increased petrol prices by Rs 4.93 per liter and High-Speed Diesel (HSD) by Rs 7.15 per liter. The new rates came into effect from July 22. After this price change, the new market price of petrol is now Rs 320.73 per liter and High-Speed Diesel is priced at Rs 367.21 per liter. Petrol, Diesel Prices in India and Pakistan Note: ₹ denotes Indian Rupee; Rs denotes Pakistani Rupee; ₹1 = Rs 2.89 in Pakistan. Current Rates Are Lower Than April’s Record High The current prices of fuel are still significantly lower than their all-time high reached in April this year: Now petrol and diesel prices will be determined daily instead of weekly Considering the sharp fluctuations in crude oil prices in the international market, the government has made a major policy change. Petroleum Minister Ali Pervez Malik has announced that fuel rates in the country will now be determined on a daily basis instead of weekly. Dealers Association opposed the decision The All Pakistan Dealers Association has strongly opposed the government’s decision to fix daily rates. The association has completely rejected this arrangement and stated that they may hold a protest demonstration against this decision this week. Middle Class and Transport Sector Will Be Most Affected Changes in petrol prices directly impact the country’s middle and lower-middle class, as it is primarily used in private vehicles, small cars, auto rickshaws, and two-wheelers. Meanwhile, expensive diesel poses a risk of increasing inflation across the country, as it is used in heavy commercial vehicles (trucks-buses), power plants, and large generators. In Pakistan, approximately 7 to 8 lakh tons of petrol and diesel are sold every month, while the monthly demand for kerosene is only 10 thousand tons. This is why petrol-diesel have become the biggest source of revenue collection for the government.