The government raises petrol prices by Rs7.45 per litre

Accordig to an official announcement made on Sunday, the petrol price in Pakistan has been increased by Rs7.45 per litre for the next fortnight from Rs258.16 to Rs265.61. The increase is in response to the fluctuating oil rates globally, according to the announcement.

A statement by the Finance Division has officially announced the latest prices for oil in the country, which the Division stated were the result of the Oil and Gas Regulatory Authority (Ogra) preparing a forecast based on the fluctuations in the price of oil around the world.

As per the notification, the price of high-speed diesel (HSD) has also been increased by Rs9.56 to Rs277.45 per litre which is an increase of Rs0.96 over the previous price. There will be a change in the fuel prices on July 1st as a result of the new fuel prices.

“There has been an increase in petroleum prices on the international market in the past fortnight as a result of increased demand for petroleum products,” read an official notification.

In the last three weeks, the federal budget for fiscal year 2024-25 was announced on June 12th. Since then, there has been no change in fuel prices since the announcement of this year’s budget.

In a statement issued by the Finance Division of the Department of Finance, it was stated that there will be no change in the mandatory taxation and duty rates, which will remain unchanged as in the Budget for Fiscal Year 25 which the government had indicated would happen.

During the budget, the government had increased the petroleum development levy (PDL) by ten rupees per litre, going from 60 rupees to 70 rupees per litre, further putting the burden on the impacted masses.

According to Muhammad Aurangzeb, the Finance Minister of the United Arab Emirates (UAE), the increase in petroleum product levy will not be implemented immediately, and this means that the current Petroleum Product Levy Rate would not be affected.

Earlier, in the last four fortnightly reviews, the government had reduced the price of petrol by a cumulative amount of Rs35 per litre, therefore providing considerable relief to the general public.

Timenews1 provided that news.