New Issue Pakistan Ready to Face Petroleum Prices on 1 Aug 2023
Pakistan Ready to Face Petroleum Prices. Pakistan is preparing to issue new oil prices on July 31, 2023, for the next fortnight from 15 08, 2023.
Experts believe that domestic prices may rise due to the depreciation of the rupee’s value against the US dollar and the rebound in international oil prices over the past two weeks.
The Pakistani Rupee (PKR) has witnessed a sharp decline against the dollar since the beginning of the current month due to the uncertainty of inflows from the International Monetary Fund (IMF) and other friendly countries.
Pakistan Ready to Face Petroleum Prices
Detail of Pakistan Ready to Face Petroleum Prices:-
The local currency hit registered a high of PKR 287.85 against the dollar on April 5, 2023, in the interbank foreign exchange market.
On the other hand, the international prices of the benchmark Brent crude also registered an increase in recent days due to the cut in production by OPEC.
Brent crude was trading at $73 per barrel at the end of March 2023. However, it rose to $84 per barrel in the first week of Aug 2023.
Pakistan Ready to Face Petroleum Prices
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The country’s oil import bill fell to $11.88 billion in the first eight months (July to February) of the 2022/2023 fiscal year, according to data released by the Pakistan Bureau of Statistics (PBS).
The country’s oil import bill registered a decrease of 8.28 percent to $11.88 billion for eight months of the current fiscal year compared to $12.95 billion in the corresponding months of the last fiscal year.
However, on the other hand, the massive depreciation of the Pakistani Rupee (PKR) resulted in a 23 percent import bill. In rupee terms, the oil bill increased to PKR 2.72 trillion for the first eight months of the current fiscal year compared to PKR 2.21 trillion in the same months of the last fiscal year.
Pakistan Ready to Face Petroleum Prices
In the oil group, the import of petroleum products registered a decrease of 14.47% to $5.35 billion during July – February 2022-2023 compared to $6.26 billion in the same period last year. fiscal.
Retail Petroleum Prices:-
Meanwhile, the import of crude oil registered a 10.32 percent increase to $3.48 billion during the first eight months of the current fiscal year compared to $3.16 billion in the corresponding months last year. fiscal.
Pakistan every 15 days announces oil price revisions based on changes in international oil prices and other internal factors including the exchange rate..
Finance Minister Ishaq Dar announced oil prices for the next fortnight and kept gasoline and diesel prices unchanged at Rs 253 per liter and Rs 263 per liter respectively.
Pakistan Ready to Face Petroleum Prices
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Pakistan Petroleum Gas Discover in Sindh:-
On the other hand, the government is preparing to provide petroleum products at subsidized rates to low-income groups.
Recently, the Minister of State for Petroleum, Musadik Malik, said that a scheme for supplying low-priced gasoline to low-income groups was being drawn up and would be finalized in consultation with all interested parties.
The minister said that different suggestions were being considered, including utilizing the BISP network, issuing specific subsidy cards, or generating a one-time password (OTP) for the ease of eligible citizens.
He also reported that oil traders have also put forward some suggestions.
The ministry was reviewing all the suggestions and would finalize the most feasible and practical suggestions and design the mechanism in consultation with all stakeholders so that the implementation of the scheme and the provision of help to citizens could be effectively ensured.
The minister said the oil traders association and trade bodies were cooperating with the government in its efforts to ensure a sufficient supply of POL products and discourage black marketing and fuel hoarding.