The government increases petrol prices by Rs7.45 and diesel by Rs9.56 per liter

In another blow to inflation-hit masses, Prime Minister Shehbaz Sharif-led federal government on Sunday increased the petrol price by Rs7.45 and the diesel price by Rs9.56 per liter. The Ministry of Finance issued a notification stating, “The prices of petroleum products have seen an increasing trend in the international market during the last fortnight.”

The Oil & Gas Regulatory Authority (OGRA) has determined the new consumer prices based on the international market’s price variations. The notification also clarified that there will be no change in the applicable taxes and duties, which will remain at the existing level. As a result, the prices of motor spirit and high-speed diesel (HSD) for the next fortnight, starting from July 1, 2024, have been adjusted accordingly. Earlier, on June 15, the government had announced a reduction in petroleum prices as a special gift to the public for Eid-ul-Adha. Following that reduction, petrol was priced at Rs258.16 per liter, while HSD stood at Rs267.89 per liter.

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Regarding the Petroleum Development Levy (PDL), Finance Minister Muhammad Aurangzeb clarified that the PDL is not increasing at present, and the current rate of Rs70 per liter PDL will remain applicable. In his press conference, the Finance Minister emphasized the government’s commitment to economic stability and transparency through ongoing reforms and initiatives. These measures aim to foster investor confidence, curb corruption, and ensure sustainable growth for Pakistan’s economy.

The recent increase in fuel prices is part of broader efforts to align with international market trends and stabilize the country’s financial situation amidst ongoing economic challenges. However, it adds to the financial burden on the general public already struggling with rising costs.