Pakistan is set to unveil its petroleum prices for the latter half of September 2023 today. This announcement comes amid rising global oil prices.
The government’s decision on petroleum prices for September 16, 2023, will be influenced by exchange rates and surging global oil prices. The Pakistani Rupee (PKR) has shown signs of recovery against the US Dollar, closing at PKR 297.96 on September 14, 2023, compared to PKR 305.54 on August 31, 2023.
However, the challenge lies in the increase in global oil prices, with Brent crude oil reaching $93.74 per barrel on September 14, 2023, up from $87.80 on September 1, 2023.
Pakistan heavily depends on petroleum imports despite their impact on local demand. In July 2023, the country imported energy products worth $791 million, adding pressure on the government to align prices with global market trends.
In the previous revision, petrol and High-Speed Diesel (HSD) reached historic highs, causing concern among the public about inflation.
The government faces the daunting task of balancing these factors while ensuring the well-being of its citizens. The decision will have significant implications for Pakistan’s economy and its people.
