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HomeBusinessEconomyPetroleum Products Prices Set to Increase Massively Next Month

Petroleum Products Prices Set to Increase Massively Next Month

In response to rising oil prices in the global market, a proposal has been made to increase petroleum product prices in Pakistan by up to Rs 8 per litre.

 Over the past two weeks, US crude oil prices have climbed by 3 percent to $80.25 per barrel, while London Brent oil prices have increased by 3.17 percent to $84.50 per barrel.

The proposed price hikes in Pakistan include an increase of Rs 8 per litre for petrol and Rs 7 per litre for high-speed diesel, according to sources. 

Furthermore, the federal government has proposed raising the petroleum levy from Rs 60 to Rs 80 per litre in the budget for 2024-25, with the new levy taking effect from July 1.

Read More: T20 World Cup: Here’s How Much Pakistani Players Will Earn 

This move comes after Pakistan previously reduced petroleum product prices due to a decline in the international market. 

Since May 1, petrol prices have dropped by approximately Rs 35 per litre, decreasing from around Rs 294 on April 30 to about Rs 259. Similarly, HSD prices have fallen by roughly Rs 22 per litre, from over Rs 290 in mid-April to Rs 268.

The Finance Bill 2024 has raised the petroleum development levy (PDL) limit to Rs 80 per litre. Finance Minister Muhammad Aurangzeb announced on June 13 that the PDL would be gradually increased based on the pricing trend.

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