Petrol costlier by Rs 12, diesel by Rs 9.5 - Know why fuels prices are soaring in Pakistan

The Imran Khan-led government in Pakistan has decided to significantly hike the prices of petroleum products. Petrol has become costlier by up to Rs 12.03 per litre while high-speed diesel is now dearer by Rs 9.53 per litre, as per the official announcement.

The price of petrol in Pakistan has doubled since 2014. The latest hikes will add to the tremendous toll that the neighbouring country is feeling, similar to the circumstances for consumers in India. The price of diesel lite has seen a hike of Rs 9.43 while kerosene oil prices have gone up by Rs 10.08 per litre.

As per a report from news agency ANI, a litre of petrol in Pakistan has now increased from Rs 147.82 to Rs 159.86. Similarly, high-speed diesel, which used to cost Rs 144.622 per litre, will now cost Rs 154.15. The price of diesel light has been increased to Rs 123.97 from Rs 114.54 while kerosene is now Rs 126.56, up from Rs 116.48 per litre.

With the new prices coming into effect immediately, petroleum prices in the country are now on historic highs.

From Rs 82 in 2014 to Rs 160 in 2022

Around 8 years ago, the price of a litre of petrol in Pakistan was around Rs 82, in essence almost doubling in less than a decade even as crude oil prices have stayed on similar lines. In a tweet, noted Pakistani columnist Farrukh Saleem explained that crude oil was $96 per barrel in 2014 and is maintaining similar levels today.

1.Average Price of crude in int'l market in 2014: $96/b
2.Price of petrol in Pakistan in 2014:Rs82/L
3.Current price of crude in int'l market: $96/b
4.Current price of petrol in Pakistan: Rs160/L
5.Current price of crude in int'l market is the same as back in 2014 pic.twitter.com/155YmyiLqv

— farrukh saleem (@SaleemFarrukh) February 16, 2022

The value of one Pakistan rupee equals to 0.43 Indian rupees.