The Price of Petroleum Products in Pakistan Likely to Increase by Rs 8 Due to Global Oil Price Surge
As the global oil market witnesses a significant increase in prices, Pakistan is considering raising the prices of petroleum products by up to Rs 8 per litre. The proposal includes hikes in prices for petrol, diesel, and high-speed diesel to offset the rising costs in the global market.
The suggested increase would push petrol prices up by Rs 8 per litre and high-speed diesel by Rs 7 per litre. Additionally, the federal government is looking to raise the petroleum levy from Rs 60 to Rs 80 per litre starting July 1, as stated in the Budget 2024-25.
Previously, Pakistan had reduced petrol and high-speed diesel prices due to a decline in international markets. However, with the recent price surge, adjustments are being considered to bridge the gap and align local prices with the global trend.
Finance Minister Muhammad Aurangzeb indicated that the Petroleum Development Levy (PDL) would be gradually increased based on market conditions to manage the impact of the fluctuating oil prices.