High Fuel prices will impact the tourism sector

High Fuel prices will impact the tourism sector

In less then 2 month the price of petrol is increased by around 20 rupees per liter,  high fuel prices will have a direct impact of travel and tourism industry , increasing the cost of the tours rapidly . On one side Government have the policy of promoting tourism and on the other side actions of the government is contradicting it’s own policy .

Because tourism and outdoor recreation  are influenced by gasoline prices. Unstable gasoline prices can affect travel participation the influence of increasing gasoline prices on travel decisions was progressively intensified and mitigated by several behavioral variables.

Fuel prices play a vital role in the country’s economic growth, as an increase or decrease in rates has a direct impact on the level of inflation.

Earlier, oil prices were revised on a monthly basis. However, the government decided to establish a fortnightly pricing mechanism for Fuel products and shifted from the price benchmark based on Pakistan State Oil (PSO) oil imports.

The switch from monthly to fortnightly review of petroleum product prices comes in the wake of a demand of the oil industry and in order to shield it from inventory losses.

Due to this, the petrol price in Pakistan has crossed the Rs.300 mark. Let’s find out the latest fuel prices in Pakistan below effective from September 1, 2023.

High Fuel Prices will impact the tourism sector