ISLAMABAD: After a surge in oil prices in the international market, a proposal has been made to increase the prices of petroleum products by Rs 8 in Pakistan from next month.
The price of US crude oil increased by 3 percent in two weeks, reaching $80.25 per barrel, while London Brent oil hiked by 3.17 percent to $84.50 per barrel in the global market.
After the recent hike in the global market, a proposal has been made to increase the prices of petroleum products, including petrol, diesel, and high-speed diesel, by Rs 8 per litre.
The sources told local media that according to the proposal, the petrol price would see a surge of Rs 8 per litre while high-speed diesel would be increased by Rs 7 per litre.
Meanwhile, the federal government also proposed to hike the petroleum levy from Rs 60 to Rs 80 per litre in the budget 2024-25. The sources said that the enhanced levy will be applicable from July 1.
Previously, Pakistan cut petrol and HSD prices after a slump in the international market.
Since May 1, petrol prices have reduced by approximately Rs35 per litre, dropping from around Rs294 on April 30 to about Rs259.
Similarly, HSD prices have dropped by roughly Rs22 per litre, coming down from over Rs290 in mid-April to Rs268. However, the Finance Bill 2024 has increased the PDL limit to Rs80 per litre.
Finance Minister Muhammad Aurangzeb on June 13 announced that PDL would be gradually increased depending on the pricing trend.
