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Pakistan announces 7.8% increase in oil product prices

The Pakistani Ministry of Finance has announced a 7.8% increase in gasoline and diesel prices after sharp increases in the price of fuel in the international market over the last 15 days, with Brent crude oil prices rising by 16% in July. The new oil product prices should have an immediate effect, raising by the price of gasoline PKR19.95/l (US$6.95c/l) to PKR272.95/l (US$95c/l) and by that of diesel by PKR19.90/l (US$6.93c/l) to PKR273.40/l (US$95.2c/l).

In June 2023, the IMF granted a US$3bn 9-month short term financial package in efforts to stabilize Pakistan’s economy, requiring the implementation of policies related to fiscal discipline, market-determined exchange rates and reforms to the power and gas sector. This has included a 45-50% increase in gas prices and a 19% increase in electricity prices for the 2023-2024 year starting in July 2023.