The Finance Minister, Ishaq Dar, announced that the price of petrol will remain unchanged while the price of diesel will see an increase of Rs7.50 per litre for the next fortnight. 

During a late-night press conference, Minister Dar clarified that there would be no adjustments made to the price of petrol, but the price of diesel would experience a rise of Rs7.50 per litre. The revised price for diesel will take effect from 12:00 am on July 1.

As per the government’s announcement, the existing price of petrol, as of June 30, 2023, will be maintained at Rs262 per litre. There will be no change in the petrol price. 

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On the other hand, the existing price of diesel, also as of June 30, 2023, stands at Rs253 per litre. However, starting from July 1, 2023, the new price for diesel will be Rs260.50 per litre, reflecting an increase of Rs7.50 per litre.

It is worth noting that earlier reports had indicated a potential increase of Rs5 in the Petroleum Development Levy (PDL) for both petrol and diesel, scheduled to be implemented on July 1. 

The government had been considering raising the petroleum levy from Rs50 to Rs55 per litre for both fuels. The adjustment in the PDL is set to commence at the start of the next fiscal year.

To enable this change, the government has sought the authority to amend the Petroleum Products (Petroleum Levy) Ordinance, 1961 (XXV of 1961), specifically in the Fifth Schedule, column (1), through the Finance Act 2023-24. This amendment grants the government the power to adjust the petroleum levy as required.