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Business Economy Pakistan Trending Now

Petrol and Diesel Prices Expected to Surge in Pakistan from July 1

Islamabad: Petrol and high-speed diesel (HSD) prices in Pakistan are anticipated to rise from July 1 following four consecutive price reductions.

Petrol prices are projected to increase by Rs 7 per litre, while HSD prices are expected to climb by Rs 8 per litre. Recent media reports indicate that international prices for petrol and HSD have risen by $4.4 and $5.5 per barrel, respectively, over the last fortnight.

This trend suggests that domestic prices could see substantial hikes, especially if the government decides to raise the Petroleum Development Levy (PDL) from its current rate of Rs 60 per litre.

The Finance Bill 2024 has increased the PDL limit to Rs 80 per litre from Rs 60, aiming to collect Rs 1.28 trillion, up from the Rs 960 billion target for the outgoing fiscal year.

Since May 1, Pakistan has experienced a decline in petrol and HSD prices due to a slump in international markets. Petrol prices have fallen by approximately Rs 35 per litre, from around Rs 294 on April 30 to about Rs 259. Similarly, HSD prices have decreased by roughly Rs 22 per litre, from over Rs 290 in mid-April to Rs 268.

It is noteworthy that if the price per liter is increased by 7 rupees, it will rise to 265.16 rupees.

Petroleum and electricity prices are significant inflation drivers in Pakistan, heavily impacting the middle and lower-middle classes and the prices of essential goods. The expected price hikes could further strain household budgets and exacerbate inflationary pressures across the country.

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