Petrol prices in Pakistan set to drop further starting June 16. This comes as global oil prices have seen a decline due to ongoing issues in the Middle East. The federal government is scheduled to review and update fuel prices on June 15, with the changes taking effect the next day.
Since mid-April, the coalition government led by PML-N has been actively reducing fuel costs. The price of petrol has been cut by Rs24 per litre, and diesel by Rs20 per litre during this period.
As of now, petrol is priced at Rs268.36 per litre and diesel at Rs273.10 per litre, following a recent reduction on May 31, where petrol prices were lowered by Rs4.74 per litre and diesel by Rs3.68 per litre.
Expected Petrol Prices in Pakistan: 16th June 2024
Looking ahead, there is good news for consumers as the petrol price is expected to decrease by Rs12 per litre, bringing it down to Rs256.36 starting June 16.
In addition to the current price cuts, the government presented the Budget for 2024-25 on June 12, with a total outlay of Rs18.9 trillion. The budget includes a proposal to increase the levy on petrol and diesel from Rs60 to Rs80 per litre. This proposed hike also extends to high-octane, light diesel, and ethanol, with a suggested 50% increase in the levy, which would result in a Rs50 charge per litre for these fuels.
Moreover, the budget suggests imposing an 18% sales tax on various categories of mobile phones. If approved, these measures could lead to higher petroleum prices starting from July 2024.
