The federal government in Pakistan is set to raise the price of petrol by Rs. 7.67 per liter for the next 15 days. Following consultations with Prime Minister Shahbaz Sharif, the Ministry of Finance has announced an increase of Rs. 9.99 per liter for petrol and Rs. 6.18 per liter for high-speed diesel.
These new prices, effective July 16, 2024, mean that petrol will now cost Rs. 275.60 per liter and high-speed diesel will be Rs. 283.63 per liter for the coming two weeks.
There are indications that further increases in petrol prices will occur in future revisions due to an additional petroleum levy of Rs. 20 per liter yet to be imposed on both petrol and diesel prices in Pakistan. Prime Minister Shahbaz Sharif has acknowledged these upcoming hikes, mentioning they will be implemented gradually over multiple phases.
Sources suggest that an additional petroleum levy of Rs. 5 per liter may be applied, potentially raising petrol and high-speed diesel (HSD) prices to Rs. 290.59 per liter and Rs. 288.63 per liter, respectively. This would result in cumulative increases of Rs. 14.99 per liter for petrol and Rs. 11.18 per liter for high-speed diesel.
