Crude Oil Price Today in Pakistan

The Pakistani Rupee depreciated from ~PKR 180/USD in 2022 to over PKR 300/USD in 2023 — a 60%+ collapse. Since crude is bought in USD, this means Pakistan's oil import bill in PKR terms nearly doubled even when Brent prices were moderate. State Bank of Pakistan (SBP) foreign exchange reserves have repeatedly fallen to dangerously low levels, sometimes barely covering 3–4 weeks of imports.

Pakistan buys crude primarily from Saudi Arabia, UAE, and Kuwait — all OPEC members. Every OPEC+ cut directly raises Pakistan's import bill. Under Pakistan's IMF Extended Fund Facility, the government has been required to pass through fuel price increases to consumers — removing subsidies that previously buffered oil price shocks from reaching pump prices.

Pakistan's IMF programme (2023–26) explicitly requires the government to eliminate fuel subsidies and set petrol/diesel prices at cost-recovery levels. This means Pakistani consumers now directly bear the full brunt of crude price changes — petrol prices swing significantly every fortnight when OGRA revises prices based on international Brent and PKR/USD rate movements.

Pakistan has received deferred payment oil facilities from Saudi Arabia multiple times — essentially interest-free credit for crude oil imports. Saudi Arabia provided a $1.5 billion oil credit facility in 2023. These bilateral arrangements — also with the UAE — provide Pakistan short-term relief on crude import financing when foreign exchange reserves are critically low, but add to Pakistan's overall debt burden.

• Further PKR depreciation — IMF market rate conditions
• OPEC+ cuts lifting Brent above $85/barrel
• Saudi deferred payment terms expiring — cash payment needed
• Pakistan's forex reserves remaining critically low

• PKR stabilisation under IMF programme success
• Brent falling below $70 on weak global demand
• Pakistan domestic oil and gas exploration success
• Gulf remittances boosting SBP reserves and PKR