Petrol Price in August 2022 up by Rs 6.7 per litre
Petrol price in August 2022 has gone up by Rs 6.72 per litre, effective August 16, to put an additional burden on the masses.
However, it decreased the price of high-speed diesel oil (HSD) by Rs 0.51 per litre and the cost of Kerosene oil by Rs 1.67 per litre.
The government increased the price per litre of light diesel by Rs 0.43.
Previously, on August 1, the coalition government reduced the price of petrol by Rs3.05 per litre and the price of light diesel oil (LDO) by Rs0.10 per litre.
Effective August 1, 2022, high-speed diesel (HSD) and kerosene oil prices increased by Rs8.95 per litre and Rs4.62 per litre, respectively.
Increase in Petrol Price in August 2022
With the latest announcement, the petrol price in August 2022 has increased from Rs227.19 per litre to Rs 233.91 per litre.
The price of LDO goes up from Rs191.32 per litre to Rs 191.75 per litre; the price of HSD has decreased from Rs 244.95 per litre to Rs 244.44 per litre.
The price of kerosene oil has decreased from Rs 201.07 per litre to Rs 199.40 per litre.
In the past, the sharp depreciation of the rupee against the dollar was a significant contributor to the rise in oil prices.
In recent days, the rupee’s value increased relative to the dollar. Despite this, there was an increase in the price of gasoline. And there had been no significant reduction in the price of diesel, which is widely used in the country’s agriculture and transportation industries.
Impact of increase in petrol price
The HSD is predominantly employed in the agricultural and transportation industries. Consequently, a reduction in its prices will have a direct inflationary effect on the lives of the general populace. In addition, farmers are already confronted with high electricity costs, so a decrease in the price of HSD could potentially reduce their business expenses.
The price of high-speed diesel has already reached an elevated level.
The recent nominal price reduction may not significantly impact the transportation and agricultural sectors, which are related to the daily activities of the general public.
As a result of the diesel price, transportation costs have already increased, pushing the cost of goods upwards throughout the nation.
The gasoline is utilized in motorcycles and cars. Compressed natural gas is the alternative (CNG). However, CNG retail outlets in Punjab have been operating on imported liquefied natural gas (LNG), which has caused a significant price increase.
Even on a spot basis, Pakistan has been unable to secure LNG contracts due to the commodity market’s all-time high prices.
Pakistan LNG Limited, a state-owned enterprise, was unable to secure LNG cargoes even during the previous winter season.
Australia had been a significant exporter of gas. However, Australian regulators had placed restrictions on gas exports, resulting in a further gas shortage on the global market.
Pakistan may not be able to secure contracts for the forthcoming winter season if the current situation persists. Consequently, the upcoming winter season will be challenging for consumers, motorists, and motorcyclists.
In this situation, consumers in Punjab will rely more on petrol, and a further increase in its price will hurt the lives of those who use motorcycles and automobiles in the province, according to experts.
Kerosene oil is used for cooking in remote areas where Liquefied Petroleum Gas (LPG) is unavailable. In remote regions, such as the north, the military primarily uses kerosene oil. In northern Pakistan, this fuel is also used by the poor populace.
