Monday July 15, 2024

Govt hikes petrol price by Rs7.45 per litre

HSD hiked by Rs9.56 per litre in line with "increasing trend in the international market"

By Saif Ur Rehman
June 30, 2024
Employees at a fuel station wait for customers in Islamabad on February 16, 2022. — AFP
Employees at a fuel station wait for customers in Islamabad on February 16, 2022. — AFP

The petrol price in Pakistan has been hiked by Rs7.45 per litre from Rs258.16 to Rs265.61 for the next fortnight in line with the fluctuation in the global oil rates, according to an official announcement on Sunday.

The Finance Division officially notified the latest prices, which it said had been worked out by the Oil and Gas Regulatory Authority (Ogra), based on the price variations in the international market.

As per the notification, the price of high-speed diesel (HSD) has also been increased by Rs9.56 to Rs277.45 per litre. The new fuel prices will come into effect from July 1.

ProductsExisting price
New price
High Speed Diesel (HSD)

"The prices of Petroleum products have seen an increasing trend in the international market during the last fortnight," the official notification read.

The changes in fuel prices come for the first time since the announcement of federal budget for fiscal year 2024-25 earlier this month on June 12.

The Finance Division stated that there will be no change in the applicable taxes and duties, which will remain at the existing level, as had been notified by the government in the Budget FY25.

The government had increased the petroleum development levy (PDL) by Rs10 per litre — from Rs60 to Rs70 — in the budget, further burdening the inflation-hit masses.

However, Finance Minister Muhammad Aurangzeb had clarified earlier today that the increased levy on petroleum products was not being imposed immediately, meaning that the PDL remains the same in the latest fuel price review.

Earlier, the government had provided a cumulative relief of Rs35 per litre by decreasing the petrol price in the last four fortnightly reviews.