Petroleum prices in Pakistan & International market in PTI government

Imran Khan-led Pakistan Tehreek-e-Insaf (PTI) along with allies took over the federal government in August 2018, and afterwards, the prices of petroleum products were 27 times increased in the Country, 20 times decreased, and 24 times maintained.

Number of times the petroleum prices varied domestically since August 2018;

Comparison of petroleum prices between Pakistan and International market after August 2018:

Petroleum prices in International market

In the Arab Gulf Market* on August 1, 2020, the price of petrol (MS 92 RON) was US$ 45.87 per barrel (BBL), kerosene price was US$ 41.16 per barrel, high-speed diesel (HSD) price was US$ 46.74 per barrel, and furnace oil price was US$ 264.26 per ton while the US dollar was trading at Rs 171.5 in Pakistan’s interbank market.

While on May 16, 2022, the prices of petrol, kerosene, HSD and furnace oil stood at US$ 127.59 per barrel (with 178% increase), US$ 139.22 per barrel (with 238% increase), US$ 150.65 per barrel (with 222% increase), and US$ 664.96 per ton (with 152% increase) respectively. Whereas the value of US dollar against the Pakistani rupee had mounted to Rs 187.6 in the interbank market with 9% increase.

Also Read: Budgets allocated & utilized by Prime Minister’s House in last 3 years

Petroleum prices in Pakistan

In Pakistan, on August 1, 2020, petrol price was Rs 103.97 per liter, kerosene price was Rs 65.29 per liter, high-speed diesel price was Rs 106.45 per liter, and Light Diesel Oil (LDO) price was Rs 62.86 per liter.

Their prices by May 16, 2022 went up to Rs 149.86 per liter (with 44% increase), Rs 125.56 per liter (with 92% increase), Rs 144.15 per liter (with 35% increase), and Rs 118.31 per liter (with 88% increase) respectively.

*Pakistan imports oil from Middle Eastern Countries including Saudi Arabia, UAE and Kuwait.

Note: The above data was shared with the Senate on August 5, 2022 by the Minister for Energy (Petroleum Division) Musadik Masood Malik.