New petrol prices in Pakistan are likely to be increased by around Rs7 per liter from July 2024 because of the hike in international oil prices. This hike will put an end to four consecutive cuts that have brought the prices down by Rs35 per liter.
The federal government has in the new budget of the fiscal year 2024-2025 set the new ceiling of petroleum levy at Rs80 per unit for both HSDO and Motor Gasoline.
With the international price of high-speed diesel increasing, the cost is believed to increase in the country by about Rs10. 50 per litre.
The actual quantities of changes in the prices of fuel will be released at midnight on June 30, 2024, to reflect the current market and exchange rate of the global market. These new rates will be effective from the first day of July up to the 15th of the same month.
Earlier in the past weeks, the government had successively lowered petrol and diesel prices three times, reducing them by Rs10.2 and Rs2. 33 per liter, reducing them to as low as Rs258. 16 and Rs267. 89 per litre, respectively.
This new impending hike in fuel prices is in line with global market trends and will affect the price of essential commodities, particularly those that rely on fuel for transportation. The changes are anticipated as the country prepares for these shifts; the fluctuations are indicative of the unstable global oil prices and their effects on domestic prices.
