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Business Pakistan Trending Now

Govt. Set to Increase Petrol, Diesel Prices from July 1 Amid Fiscal Revisions

Islamabad: The federal government led by Prime Minister Shehbaz Sharif is preparing to announce a significant hike in petrol and diesel prices starting July 1, following the recent budgetary proposals for the fiscal year 2024-25. This will be the first price adjustment since the budget was presented on June 12.

The proposed Finance Bill 2024 includes a substantial increase in the maximum petroleum levy, raising it by Rs 20 to Rs 80 per litre. This adjustment is anticipated to significantly affect the prices of petrol and high-speed diesel (HSD) across the nation.

As of now, petrol is priced at Rs258.16 per litre, and HSD stands at Rs267.89 per litre, following a reduction earlier this month by Rs10.20 and Rs2.33, respectively. With the new levy, these prices are expected to rise sharply.

The government’s revenue target for the Federal Board of Revenue (FBR) in the upcoming fiscal year is set at Rs12.97 trillion.

Market analysts predict that the increase in the petroleum levy will directly result in higher fuel costs for consumers. The precise extent of the price rise will be confirmed on June 31 when the government finalizes the revision.

The expected surge in fuel prices comes at a time when the public is already struggling with inflationary pressures. This development is likely to further exacerbate the economic burden on households and businesses alike, intensifying the challenges faced by many in the current economic climate.

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