Latest Petrol Prices in Pakistan March 2023
A variety of factors influence the petroleum pricing in a specific country or region. The price of crude oil (the natural source of all petroleum byproducts), refining, distribution, and marketing expenses, profitability, and fuel taxes are among the significant considerations.
Depending on the financial capabilities of their various economies, governments, particularly in developing nations like ours, also subsidize fuel costs to alleviate the financial burden on the population.
In Pakistan, the federal government provides millions of rupees in subsidies to keep fuel costs stable and give assistance for the average citizen. Yet, a coherent policy for the supply of gasoline subsidies is still lacking.
Countries in Asia, including China, India, Bangladesh, Indonesia, and Malaysia, are equipped with effective subsidy mechanisms and management systems. Some of these nations even include fuel subsidies in their annual budgets, as should the United States.
Petrol Price in Pakistan Today 2023
So, let’s examine the most recent fuel costs in Pakistan. The graph below displays the current pricing of the most widely available petroleum byproducts in the United States, including gasoline, diesel, light diesel, and kerosene oil.
|Fuel Price till 28 Feb 2023
|Fuel Price from 1 March 2023
|Decreased by PKR 5
|Decreased by PKR 12
|Decreased by PKR 15
The Latest CNG Price in Pakistan for March 2023
Compressed natural gas (CNG) is another popular fuel for vehicles in the United States. Pakistan has been separated into two zones for CNG distribution: Region I (Khyber Pakhtunkhwa, Balochistan, Potohar region, including Islamabad, Rawalpindi, and Gujar Khan) and Region II (Khyber Pakhtunkhwa, Balochistan, Potohar region, including Islamabad, Rawalpindi, and (Sindh and lowlands of Punjab).
Natural gas prices may vary from region to region. The most recent CNG prices in Pakistan for both of these regions are listed below for your convenience. Take a peek!
- CNG Price in Pakistan for March 2023 (Region I): PKR 199 per KG
- CNG Price in Pakistan for March 2023 (Region II): PKR 199 per KG
A Quick History of Petrol Price in Pakistan
The epidemic of coronavirus had a devastating effect on the global petroleum industry. Globally, the demand for fuel decreased substantially, leaving the oil and gas industry oversupplied. During the June-July fiscal year 2019-2020, fuel consumption in Pakistan decreased by 11% due to stringent lockdowns and the fear of contracting COVID-19, which kept most people indoors.
The corporate sector has declared many forms of work-from-home policies. The price of petroleum products in Pakistan has reached its lowest level in the past 10 to 12 years. In June 2020, the price of a liter of gasoline in Pakistan reached a record low of PKR 74.52. Also, as a result of stringent lockdown measures, some sections of the country began experiencing fuel shortages.
Thankfully, the duration of these crises was brief. In the second half of the year 2020, the number of coronavirus cases decreased, and the government moved its attention from stringent lockdown measures to smarter, more sustainable lockdown regulations. Large-scale industries and businesses were authorized to restart operations after observing COVID-19 SOPs. And at the end of June 2020, the price of a liter of gasoline in Pakistan climbed by PKR 25.58, bringing it to PKR 100.10 per liter.
In the following months, petroleum prices are anticipated to increase further as a result of the country’s uncertain economic status and the increased demand for gasoline on the international market. As seen in the table above, the price of gasoline in Pakistan today is PKR 267. Fuel prices continue to increase in 2023, primarily due to the uncertain economic climate and rising inflation. Check back for updates on the varying prices of petroleum products in the United States.
You may now be asking who organization is responsible for regulating the oil and gas industry in Pakistan and recommending prices for petroleum goods. The answer you seek is located in the subsequent section of our blog.
Which Authority Regulates the Oil and Gas Sector in Pakistan?
The Government of Pakistan established the Oil and Gas Regulatory Authority (OGRA) in 2002 to regulate the country’s fuel industry. On the basis of demand, supply, and the utilization of numerous other critical resources, OGRA provides a detailed summary of suggested fuel price changes in Pakistan.
This summary can only be implemented with the approval of Pakistan’s prime minister; otherwise, it is refused and prices remain unaltered. Discussions between the government and OGRA are also an essential component of the pricing process.
Now that we’ve covered all the pertinent facts concerning petrol prices in Pakistan and the variables that cause them to fluctuate every two months, it’s time to conclude.
Stay tuned with Al Sadat Marketing for further assistance.
You can also invest in other famous and most in demand housing societies, such as , Blue World City, Rudn Enclave, 7 Wonders City Peshawar, Taj Residencia, Kingdom Valley, New Metro City Gujar Khan, Forest Town Rawalpindi, University Town Rawalpindi, ICHS Town, Park View City Islamabad, Multi Gardens B17 Islamabad and Nova City Islamabad.
Few more real estate housing schemes which are trending now a days in Islamabad by including: Faisal Town Phase 2, Prism Town Gujar Khan, New City Paradise, Eighteen Islamabad, 7 Wonders City Islamabad, Capital Smart City, Silver City Islamabad, The Life Residencia, Faisal Town Islamabad, Islamabad Golf City, Islamabad Model Town and Marble Arch Enclave.
Al Sadat Marketing is an emerging Real Estate Agency headquartered in Islamabad, Pakistan. With over 10+ Years of experience, Al Sadat Marketing is providing its services and dealing all trending housing societies projects in different cities of Pakistan. Islamabad Projects, Rawalpindi Projects, Gujar Khan Projects, Burhan Projects, and Peshawar Projects etc.
Book Your Plot Now: +92 331 111 0005