The Pakistani government is preparing to raise petrol prices by approximately Rs7 per litre for the first half of July 2024, citing increased international oil costs. This move follows four consecutive reductions that collectively lowered prices by Rs35 per litre.
Simultaneously, the government plans to hike the price of high-speed diesel (HSD) by about Rs10.50 per litre due to similar global price pressures.
In line with fiscal year 2024-2025 budget plans, the federal government intends to raise the maximum petroleum levy by Rs20, setting it at Rs80 per unit for both high-speed diesel oil (HSDO) and motor gasoline. This adjustment reflects the government’s strategy to synchronize the petroleum levy with global price movements.
Final prices, to be announced officially at midnight on June 30, 2024, and effective for the subsequent 15 days, will depend on the latest global market trends and exchange rates. During the last update, petrol prices were slashed by Rs10.2, reaching Rs258.16 per litre, while HSD prices were reduced by Rs2.33 to Rs267.89 per litre.
This anticipated rise underscores the government’s approach to managing economic challenges posed by fluctuating global oil prices, aiming to align domestic fuel prices with international rates while balancing fiscal responsibilities.