Challenges and Opportunities in Pakistan's Petroleum Sector: Import Dependency, High Prices, and Path to Self-Sufficiency

Today I decided to share some petroleum rates of Pakistan and also the petroleum rate difference in Pakistan and other countries. Pakistan does not produce petroleum in fact it relies on imports that come from other countries because the production of petroleum is limited and it is not enough for this large population. The government is striving hard on its development activities so that we can reach our domestic demands and can also export it to other countries for good benefits of income.

The latest petroleum prices in Pakistan is on it's peak, petrol price is Rs. 272.95, high speed diesel rate is Rs. 273.4, light speed diesel rate is Rs. 147.68 and kerosene oil rate is Rs. 164.7. It is really very high for the middle class families and for the poor families it's too much, they can not afford it. In fact, many poor household heads committed suicide because of this inflation. The salaries of the labor's, watchmans, waiters, clients and many other workers are very low. Even I've seen most of the poor families they eat 2 times in a whole day breakfast which is poor breakfast and a dinner which includes dry bread.

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When we talk about the petroleum products and its imports and exports then United states is one of the largest producers of petroleum. If we see the history of past 25 years, United States is one of the greatest importer of oil, diesel, gas and petroleum products. But when it's domestic production increased the dependency on its imports are decreased. United States exports crude oil to Netherlands, South Korea, United kingdom, Canada, China, Mexico and etc. According to my research the united states petroleum imports were gone on its peak in 2005 in which domestic production were increased and by exporting petroleum it reduces its imports.

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There are many ways to bring Pakistan up in import/export market. In my opinion, one of the best way to fulfil our countries domestic production and further export it to the other countries is that the country has to increase its oil production which can only happen through exploration and the country has to do hard work on its development activities. I think with this way 5 to 10 years is required and then Pakistan will also be the best producer and consumer of petroleum in the import/export market.

As the population of Pakistan is increasing very rapidly so the needs of petroleum is highly required that includes gasoline for the vehicles, petrol for the transportation and diesel for industries and Liquefied petroleum gas for the domestic and industrial use. If we talk about the crude petroleum products, Pakistan imports 56% from UAE and 33% from saudi arabia approximately 90% of the total share Pakistan imports only from these two countries UAE and saudi arabia.

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I hope you guys like my post and also give a feedback in a comments section and also share your ideas that what steps should Pakistani government take to be the best producer of petroleum products in the whole world.
Thank you!!!

All the images are taken from pixabay