Petrol Price in Pakistan Today 2024

We know that petroleum prices are affected by many factors. In Pakistan, Petrol Prices in Pakistan Today 2024 increased or decreased due to the high change in the US Dollar. We know that Pakistan's economy facing a downfall due to some issues. In this case, the petrol Petrol Price in Pakistan Today 2024 increased rapidly, and Awam faced many financial issues. In this case, the structure of a country becomes shaped out. To solve all these problems in Pakistan, the federal government grants millions of rupees as subsidies to maintain fuel prices and relieve the common man.   
 

However, the country still lacks a consistent policy for the proper amount of fuel. Asian countries like China, India, Bangladesh, Indonesia, and Malaysia have proper subsidy tools and management systems. Some of these countries even include fuel subsidies in their annual financial budgets, which our country should also do. In this article, we will discuss Petrol Prices in Pakistan Today 2024 with other features. So stay connected with us:   

Petrol price in Pakistan today 2024   

Here we will mention Petrol Prices in Pakistan Today 2024 in this table:  petrol price news today.   

The latest CNG price in Pakistan   

As we know CNG is another useful fuel to move vehicles in Pakistan. Pakistan has divided into two regions for CNG gas region 1 and region 2. Region 1 consists of Balochistan, khyber, Islamabad, Lahore, Faisalabad etc. while region 2 has Sindh and low-level land. The CNG price can change from one region to another region.CNG Price in Pakistan for October 2024 Region I is PKR 190 per KG. While the CNG Price in Pakistan for October 2024 Region 2 is PKR 190 per KG. We also know that CNG prices can change due the economic conditions. In this way, CNG rates change with current times and conditions. The  petrol price latest news shows the price of 248.03 per liter.   
 

Which sector regulates the Petrol and CNG  Agencies?   

We know that there is authority that was introduced in 2002 by the Government of Pakistan, the Oil and Gas Regulatory Authority. It is responsible for regulating the fuel sector in the country. Based on the demand supply and usage of many other key resources, this agency makes a complete summary to suggest changes in fuel prices in Pakistan.    

This summary can only be implemented if approved by the Prime Minister of Pakistan otherwise it is rejected and the prices remain unchanged. We know that the discussions between the government and Oil Gas regulatory authorities are also a very important part of the process of finalizing prices. Shell petrol price is 248.38 per liter for Super and Rs 255.14 per liter for Diesel.   


 

History of Petroleum Prices in Pakistan   

2020 Impact of COVID-19 and Inflation   

COVID-19 Pandemic:   
 

In 2020, the COVID-19 time period caused international oil prices to decrease because people were using less fuel. Pakistan's government decreased fuel prices to pass the relief on to consumers or users. We also know as the economy started to recover, oil prices again increased. The  2018 petrol price in Pakistan was  80.700 PKR     while in     2017 petrol price in Pakistan was  69.090 PKR. So there is little difference between the  2018 petrol price in Pakistan and the 2017 petrol price in Pakistan.   

2022 Global Inflation and Price Changes:   
 

In 2022, the global major problems especially the Russia-Ukraine war caused oil prices to increase sharply. This was a tough situation for Pakistan. The government had to reduce fuel subsidies (financial support) due to budget limits, leading to a big jump in local fuel prices. This hit everyday consumers and businesses hard, as transportation and living costs increased.   

Record High in 2023:   

In 2023, petroleum prices in Pakistan reached record levels. The reasons included high global oil prices, the weakening of Pakistan’s currency, and few government subsidies. This made fuel very expensive and became a major problem for Pakistanis. We also know that the Pakistani economy also faced a downfall in the economic sector.  Petrol Price in Pakistan 2023 was Rs 267.34 per litre. Petrol Prices in Pakistan in 2023 change with no specification.  So this is also the reason for high fuel prices. The  petrol price news today shows the same result.   

Recent Trends and Policies   

Subsidy Reductions:   
 

The government has gradually cut back on fuel subsidies. This means that local fuel prices are more closely tied to international prices now.   
 

Tax Adjustments:   
 

The government has increased taxes on petroleum products to help with its budget. This makes the retail price of fuel higher for consumers.   

Focus on Alternative Energy:   
 

Rising fuel costs are making alternative energy sources more demanding. Pakistan is beginning to focus more on solar energy and electric vehicles to reduce its rely on imported oil.  Kerosene oil price in Pakistan is 154.9 Rs. Kerosene oil price in Pakistan also varies with suitable conditions.  By using the alternative option, they faced no difficulties with traveling and other daily life routines.   


 

Conclusion   

In last, petrol is a basic need for moving vehicles from one place to another place. In Pakistan, petrol prices suddenly increased and decreased with no idea. In this case, the residents faced many difficulties of short budget and high petroleum prices. Also, petroleum prices are based on US dollar prices. We know that when the dollar highs then all the fuel prices and other prices go on increasing.    

The current price of petrol in Pakistan is 247.03 Rs per liter. And there is no petrol latest news right now available. So all the information about petrol prices and its history is mentioned in this article with exact information. Petrol latest news must be provided on this website.  Petrol price in pakistan today 2024 decrease is not shown yet.  petrol price news today also shows 247.03 per liter. So Stay connected with Faisalabad Realtors to gain the right and authentic information within time.   

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