Post Pandemic, things are getting worse and worse. For the last 8 to 10 months world is facing severe gasoline crises in terms of prices and quantity. World of Statistics posts some facts about the latest prices prevailing in the world.
The average price of gasoline around the world is 1.31 U.S. Dollar per litre. However, there is substantial difference in these prices among countries. As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the U.S. which is an economically advanced country but has low gas prices. The differences in prices across countries are due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different.
Pakistan is eagerly anticipating the announcement of new petroleum prices for the second half of May 2023, scheduled to be made on May 15. The decision comes at a time when the value of the Pakistani Rupee (PKR) is falling and global oil prices are experiencing a downward trend.
Petrol prices in Pakistan
According to a finance ministry statement, the price of petrol was slashed by Rs12 per litre, diesel by Rs30 per litre, and kerosene oil by Rs 12 per liter. The price cut takes effect from Tuesday for the next fortnight. Keeping in view the declining trend in the international market, the government had decided to reduce the existing prices of petroleum products to provide maximum relief to the people, the statement said.
According to the government announcement, the price of petrol comes down from Rs282 to Rs270 per liter. The high-speed diesel (HSD) will now be available at Rs258 per liter against the previous rate of Rs288 per liter.
Petrol is used in motorbikes and cars. This is also an alternative fuel to compressed natural gas (CNG). The HSD is widely used in the transport and agriculture sectors. Therefore, its reduction will have a healthy impact on agriculture, as the sowing season continued.