The coronavirus had a significant impact on the economy as people were forced to stay at home and businesses took a hit. The fuel industry faced a drop in demand at a global level and was in oversupply due to the multiple lockdowns. Pakistan also faced the adverse effects of the pandemic as fuel consumption was at an all-time low. However, as of 2021, there has been a steady hike in fuel prices as businesses are resuming and work and schools are opening up to at least 50% capacity.
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The Oil and Gas Regulatory Authority (OGRA) is the official regulator for the fuel sector in Pakistan. They evaluate the demand and supply within the fuel sector as well as other factors and suggest price changes based on these.
For the year 2021 petrol price has experienced an increase of PKR 21.30 from January to October. In January 2021 petrol was at PKR 106 per litre and went up to PKR 127.30 per litre in October 2021. Diesel prices have also seen a spike of PKR 11.80 from January to October, in January 2021 it was at PKR 110.24 per litre and went up to PKR 122.04 per litre in October 2021.
Similarly, light Diesel experienced a hike of PKR 27.7 from January to October, when in January 2021 it was at PKR 71.81 per litre, and in October 2021 it was up at PKR 99.51 per litre. Kerosene Oil has also seen a hike of PKR 25.66 from January to October, in January 2021 it was at PKR 73.65 per litre and went up to PKR 99.31 per litre in October.
These prices are finalised after negotiations between the government and OGRA and in March 2021 the government announced that fuel prices will remain unchanged. However, based on recent trends it is safe to assume that fuel prices will further hike in the coming months.
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