Petrol prices in pakistan likely to go up by Rs7 per litre

Amid an increase in global oil prices, the Federal government is also planning to increase the prices of petroleum products, reported 24NewsHD TV channel.

US crude oil has jumped 3 percent in the last two weeks and touched $80.25 a barrel from $76.99. While Brent oil rose by 3.17 percent in two weeks and rose to $84.50 a barrel from $82.50.

The government is preparing to increase the price of petrol by approximately Rs7 per litre for the first half of July 2024. This adjustment would mark the end of four consecutive reductions, which collectively lowered prices by Rs35 per litre.

The government was expected to increase the price of one litre of petrol up to 7 rupees while the price of high-speed diesel may jump Rs8 per litre.

Moreover, in the fiscal year 2024-2025 budget, the federal government has also decided to raise the maximum petroleum levy to Rs80 per unit on petroleum products. The petroleum levy may be increased by Rs 5 to Rs 7 per litre.

The final adjustment in fuel prices, scheduled for June 30, 2024, will reflect ongoing international market fluctuations and exchange rate dynamics. These new prices will be effective for the subsequent 15-day period. In the previous fortnight, the government had reduced petrol prices for three consecutive updates, slashing rates by Rs10.2 and Rs2.33 per litre respectively, to Rs258.16 and Rs267.89 per litre.

Reporter: Ashraf Khan