In response to escalating international oil costs, the Pakistani government is poised to raise petrol prices by approximately Rs7 per litre for the first half of July 2024. This anticipated adjustment marks a reversal from four consecutive price cuts, collectively slashing rates by Rs35 per litre.
Furthermore, high-speed diesel (HSD) is expected to see a substantial increase of about Rs10.50 per litre due to similar global market pressures.
As part of fiscal measures for the 2024-2025 budget, the federal government is also planning to escalate the maximum petroleum levy by Rs20, reaching Rs80 per unit for both high-speed diesel oil (HSDO) and motor gasoline. This decision underscores the government’s strategy to align petroleum levies with international price movements.
It’s crucial to note that the final prices will be determined closer to the update date, considering the latest global market dynamics and exchange rates. The new prices are scheduled to be formally announced at midnight on June 30, 2024, and will take effect for the subsequent 15 days.
During the previous adjustment, the government had implemented three consecutive reductions, lowering petrol prices by Rs10.2 to Rs258.16 per litre and reducing HSD prices by Rs2.33 to Rs267.89 per litre.
Stay tuned for further updates as the government finalizes the new pricing structure in response to global economic shifts.
