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Pakistanis Experiencing 52.2% Increase in Petrol Prices in Last 6 Months

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Analysts at Picodi.com have examined the dynamics of petrol price change in APAC and around the world during the first quarter of 2022 and calculated how many liters of petrol one can afford for an average wage in Pakistan.

Petrol is even twice as expensive

In the first half of 2022, many countries in our region noted record-breaking increases in petrol prices. The anti-leader of this increase is Sri Lanka, where the petrol price increased by 129.5%.

In June, the average price of a liter of petrol in Pakistan was Rs 221.88. This price is 52.2% higher than in January, when, on average, a liter of petrol cost Rs 145.82. A significant increase in price can also be felt by car owners in the Philippines (+36.9%) and Indonesia (+47.7%). However in Malaysia, petrol prices were stable throughout the first half of the year. In countries such as India, Taiwan and Japan, petrol prices increased only by a very small margin (+1.3%, +2.4% and +3.1% respectively).

Petrol Index 2022

Hongkongers, Singaporeans and New Zealanders are currently paying the most for their fuel, paying $3.00/liter, $2.33/liter and $2.09/liter respectively. In Pakistan, after conversion to dollar, the petrol price is one of the lowest in APAC – 15th place out of 17 accounted for countries at $1.08/liter. Low petrol prices can be enjoyed by citizens of Malaysia ($0.47/liter) and Taiwan ($1.05/liter). This year we also checked the relation between petrol prices and local average wages.

(click the arrows to see data from the remaining 16 countries)

With the average wage, drivers from Australia (2,917 liters), Malaysia (1,790 liters) and Taiwan (1,583 liters) can buy the most petrol.

According to the newest data presented by Numbeo, the average wage in Pakistan is Rs 35,045.00 net monthly. This means that an average Pakistani for an average monthly wage can buy 158 liters of petrol. Compared to the previous year’s petrol index, the purchasing power of the average Pakistani wage in the context of petrol has significantly decreased.

This is what the petrol index in Pakistan looked like in the last few years:

  • 2019 – 192 liters
  • 2020 – 351 liters
  • 2021 – 319 liters
  • 2022 – 158 liters

Prices of petrol around the world: prices did not increase everywhere

Having substantial raw material resources saved some countries from the increase in the price of petrol. Countries such as Saudi Arabia, Kuwait and Qatar were not affected by the world’s economic situation. The governments of countries such as Columbia, Ecuador and Kazakhstan have decided to either freeze or set the upper limit on petrol prices.

(hover over the country to see the information)

In June of 2022, the lowest price of gasoline was noted in Algeria ($0.31/liter), Kuwait ($0.34/liter) and Iran ($0.35/liter). Hong Kong on the other hand stands out as the country with the highest price of gas per liter ($3/liter). In the global ranking of purchasing power, the podium still belongs to the Gulf countries: Qatar (5,968 liters), Kuwait (5,578 liters) and Saudi Arabia (4,372 liters). The poorest country in this comparison is Cuba, where the average wage is equal to only 27 liters of petrol.

Methodology

Petrol Index is an annual ranking of the relation between petrol prices and salaries conducted by Picodi since 2019. This study uses the newest average wage data published online by national statistics offices or relevant ministries. In countries where such data is not published, we used statistics from Numbeo.

The average petrol prices in 102 countries in the first half of 2022 were taken from GlobalPetrolPrices.com and other local sources. The difference between prices in June and January was calculated in local currencies. In order to get the number of liters, we divided the average monthly net wage (obtained through local wage calculators) by an average price of 1 liter of petrol. For currency conversion, we used the average exchange rate data from Google Finance for June 2022.

Source: Picodi

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