ISLAMABAD: Pakistan’s federal government on Monday night notified a major increase in the prices of petroleum products for the next fortnight. The petrol price has been increased by Rs 9.99 per litre to Rs 275.60 and High-Speed Diesel (HSD) by Rs 6.18 per liter to Rs 283.63 in light of the rise in oil prices in the international market.
The price of petrol and diesel was increased from Rs265.61 to Rs 275.60 per liter and the High-Speed Diesel price increased from Rs277.45 to Rs 283.63 per liter for the next fortnight till July 31.
The Finance Division issued a notification for the latest fuel prices worked out by the Oil & Gas Regulatory Authority (Ogra) under the fresh fortnightly review.
“The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market,” the statement read.
As per the notification, the new fuel prices will come into effect from July 16.
On June 30, the government increased the prices of petrol and diesel by Rs 7.45 per liter and Rs 9.56 per liter respectively.
The government had increased the maximum limit of the Petroleum Development Levy to Rs 70 per liter from Rs 60 per litre, in the federal budget 2024-25, to collect Rs 1,280 billion in the current fiscal year, compared to Rs 960 billion collected last year, which was around Rs 91 billion more than the target of Rs 869 billion.
However, the Finance Division said that there will be no change in the applicable duties or levies under the new prices which will remain at the existing level, meaning that the PDL remains the same in the latest fuel price review.
This is the second time that the government has not imposed the increased levy on petroleum products.
The latest surge in the prices of petroleum products is linked to rising global oil prices and Pakistan’s adjustment of petroleum levy in line with the grinding demands of the International Monetary Fund (IMF) which had made the country raise the petroleum development levy to Rs70 per litre in the Finance Bill.
