Govt hikes petrol price by Rs9.99 per litre, diesel by Rs6.18 for the rest of July 2024

The government has announced an unexpected increase in petrol and diesel prices for the next fortnight.

In response to the rise in international oil rates, the price of petrol in Pakistan has been raised by Rs9.99 per litre to Rs275.60. Concurrently, the price of High Speed Diesel (HSD) has been increased by Rs6.18 per litre, bringing it to Rs283.63.

The Finance Division issued a notification for these latest fuel prices under the fresh fortnightly review. This increase is expected to further exacerbate the financial burden on the populace, who are already struggling with the high costs of essential food items and basic necessities.

Previously, there were projections that the government might increase the petrol price by Rs6-7 per litre, but such a significant hike was not anticipated.

The Finance Division clarified that the duties and levies will remain unchanged, meaning the Petroleum Development Levy (PDL) stays the same in this latest fuel price review.

This is the second time in a row that the government has not increased the levy on petroleum products.