PSO stands for Pakistan state oil.it is the biggest oil marketing company in Pakistan. This company is responsible for supplying all petroleum products to all parts of the country, such as petrol, diesel, and other fuels. In accordance with the newest reports, the Government of Pakistan particularly the new Finance Minister PML-N Ishaq Dar, has decided to adjust the new petrol price in Pakistan as a result of changing global oil prices and currency exchange modification. The revised pricing goes into effect on March 1, 2023.
The latest PSO Petrol Price in Pakistan
According to the latest PSO petrol price in Pakistan on March 1, 2023, a little variation is present in the petrol price. The Finance Division of the government of Pakistan has announced the latest petrol prices in Pakistan today 1st March 2023 through the notification of decreasing Petroleum prices by Rs. 5 and also decreasing the price of Diesel. The current Petrol Price in Pakistan is 267.000 Per Liter. The implementation of today’s Pakistan petrol price will be applicable on 1st March 2023 and so on. The final decision of the OGRA proposal has taken after the approval of PM Pakistan Shehbaz Sharif.
|Product||Existing Prices w.e.f. 16-02-2023||New Prices w.e.f. 01-03-2023||Increase (+) / Decrease (-)|
|Light Diesel Oil||196.68||184.68||-12.00|
|High Speed Diesel (HSD)||280.00||280.00||0.00|
Disadvantages of Increasing Petrol Prices in Pakistan
There are several potential disadvantages of increasing petrol prices in Pakistan, including:
Higher petrol prices can put an economic burden on people who rely on their vehicles for transportation, such as those who commute long distances to work or run small businesses.
Higher petrol prices can make Pakistani businesses less competitive, as they may have to spend more money on transportation costs compared to businesses in other countries with lower fuel prices.
Rising fuel prices can hit low-income households the hardest, as they spend a larger portion of their income on fuel than wealthier households. This can contribute to increased poverty and inequality.
Higher petrol prices can discourage the use of cars and encourage the use of public transportation, cycling, or walking, but it can also lead to more illegal fuel trading, smuggling, and adulteration which can have negative environmental impacts.
High petrol prices are often unpopular among voters, which can lead to a political backlash against the government and political instability. This can result in protests and civil unrest.
Increase in the Cost of living
When petrol prices go up, transportation costs increase, which leads to an increase in the prices of goods and services. This can result in a higher cost of living for people, especially those who are already struggling to make ends meet.
Business Operations Affected
Businesses that rely heavily on transportation or fuel may be forced to increase their prices or cut back on services. This can result in job losses and an overall slowdown of economic activity.
More Reliance on Public Transport
With an increase in petrol prices, people may be more inclined to use public transportation or carpooling as a cost-saving measure. This could lead to an increase in demand for public transport services, which may not be adequately equipped to handle the additional load.
Increasing petrol prices can have a wide range of effects on the people of Pakistan, from higher costs of living to political instability. Governments may need to take steps to address these issues and provide relief to those most affected.