Petrol and Diesel Prices Expected to Increase in July
Get ready to pay more at the pump as petrol and high-speed diesel prices are set to increase by Rs7 and Rs8 per litre, respectively, starting July 1. This rise in prices is attributed to the hike in the international market rates for these petroleum products.
The government has allowed for a maximum petroleum development levy (PDL) of Rs80 per litre, up from the previous Rs60. Finance Minister Muhammad Aurangzeb has highlighted that the PDL may be gradually increased based on market trends.
This increase in prices comes after four consecutive fortnightly cuts in petrol and diesel rates, driven by fluctuations in the global market. The government’s decision to raise the PDL aims to boost revenue collection, with a target of Rs960bn for the upcoming fiscal year.
These price hikes are expected to impact the general public, especially the middle and lower middle classes who heavily rely on petrol for private transport, while diesel prices will affect the cost of essential goods due to its use in heavy transport vehicles and agricultural machinery.
Stay tuned for more updates on the rise in petrol and diesel prices.
Published in Dawn, June 27th, 2024