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 end the streak of four consecutive cuts that have reduced prices by Rs35 per liter.
In the new budget for the fiscal year 2024-2025, the federal government has established a new maximum petroleum levy of Rs80 per unit for both High-Speed Diesel Oil (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.
The upcoming increase in fuel prices aligns with global market trends and is expected to impact the cost of essential goods, especially those dependent on fuel for transportation. These changes are anticipated as the nation braces for these shifts, reflecting the volatile nature of global oil prices and their influence on domestic pricing.
