Jul 01, 2024
ISLAMABAD: The federal government Sunday increased the price of petrol by Rs7.45 per litre to Rs265.61 per litre.
In a notification, the Finance Division said that diesel’s price has been hiked by Rs9.56 to Rs277.45.
Sources, moreover, added that the price of light diesel oil has been increased by Rs9.88 per litre, while the price of kerosene oil has been fixed at Rs10.5.
The prices will go into effect at midnight.
In the last four fortnightly reviews, the government provided relief of Rs35 per litre by decreasing the petrol price.
The prices of petroleum products are revised every 15 days in Pakistan adjusting them to the trend of global oil prices and the rupee’s exchange rate to the dollar. The Pakistani rupee has held steady recently.
| Products | Existing price w.e.f 16.06.2024 | New price w.e.f 01.07.2024 | Increase/Decrease |
| MS (Petrol) | Rs258.16 | Rs265.61 | +Rs7.45 |
| High-Speed Diesel (HSD) | Rs267.89 | Rs277.45 | +9.56 |
"The prices of Petroleum products have seen an increasing trend in the international market during the last fortnight," the official notification read.
The changes in fuel prices come for the first time since the announcement of federal budget for fiscal year 2024-25 earlier this month on June 12.
The Finance Division stated that there will be no change in the applicable taxes and duties, which will remain at the existing level, as had been notified by the government in the finance bill.
The government had increased the petroleum development levy (PDL) by Rs10 per litre — from Rs60 to Rs70 — in the budget, further burdening the inflation-hit masses.
However, Finance Minister Muhammad Aurangzeb had clarified earlier today that the increased levy on petroleum products was not being imposed immediately, meaning that the PDL remains the same in the latest fuel price review.
Earlier, the government had provided a cumulative relief of Rs35 per litre by decreasing the petrol price in the last four fortnightly reviews.
