The prices of MS petrol and High-Speed Diesel (HSD) are anticipated to undergo significant increases on the final day of the current fiscal year. According to reports, the federal government plans to raise the price of petrol by Rs. 7 per liter and diesel by Rs. 10.5 per liter on June 30, 2024.
This hike is linked to a proposed rise in the petroleum development levy (PDL) on both petrol and high-speed diesel to Rs. 80 per liter under the Finance Bill 2024. The implementation of this increase will be phased in gradually, with potential adjustments based on market trends in the upcoming fiscal year.
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Based on current trends observed over the fortnight and the impact of these new taxes, the anticipated prices are expected to reach Rs. 265.16 per liter for MS petrol and Rs. 277.89 per liter for diesel, up from the current rates of Rs. 257.16 and Rs. 267.89 per liter respectively.
It’s noteworthy that the Pakistani Rupee has maintained stability at around 278 per US Dollar during the current fortnight, influencing these anticipated price adjustments in the petroleum sector.
