Petrol Price In Pakistan Increased By Rs. 9.99/L

Earlier today, we reported that the federal government is gearing up to raise petrol price in Pakistan by Rs. 7.67 per liter for the next 15 days. The Ministry of Finance consulted with Prime Minister Shahbaz Sharif, and the result is here.

The government has increased the price of petrol by Rs. 9.99 per liter, while the price of high-speed diesel has surged by Rs. 6.18 per liter. The new prices are effective July 16, 2024. From now on, the new prices of petrol and diesel will be Rs. 275.60 and Rs. 283.63 for the next fortnight.

Earlier, there were reports that petrol price is likely to surge by Rs. 7.67 per litre, whereas high-speed diesel (HSD) by Rs. 3.72 per litre. Meanwhile, the price of kerosine oil and light diesel oil was expected to increase by Rs. 2.39 and 0.92 per litre.

Not surprisingly, the reason behind the upcoming price hike is again the uptrend witnessed in the international oil market. According to the media reports, the global prices of petrol and HSD had ticked up by Rs. $4.4 and $2, respectively, in the last fortnight.

Levy & Petrol Price in Pakistan
There were also indications that further petrol price hikes will be introduced in future revisions because an additional petroleum levy of Rs. 20 per litre is yet to be inflicted on petrol and diesel prices. Prime Minister Shahbaz Sharif has also admitted to the upcoming price hike, adding that it will not happen in a single take but in different phases.

Sources revealed that an additional petroleum levy of Rs. 5 may add to the fuel prices. If that were the case, it would take the petrol and high-speed diesel (HSD) to the price of Rs. 290.59 per litre and Rs. 288.63 per litre, respectively, with a cumulative jump of Rs. 14.99 and Rs. 11.18 per litre.

What do you think about the recent increase in petrol price in Pakistan? Is it Justified? Tell us in the comments section.