Petrol Price in Pakistan 1st April 2024

Jawad

31 Mar 2024

516

Petrol Price in Pakistan 1st April 2024

The Ministry of Finance has recently issued a notification detailing the revised prices of petroleum products, presenting both positive and negative implications for consumers. The latest announcement discloses that the price of petrol is set to rise by Rs. 9.66 per liter, soaring to a new rate of Rs. 289.41 per liter. Conversely, there's a welcome relief for diesel users, as its price undergoes a reduction of Rs. 3.32 per liter, now standing at Rs. 282.24 per liter. These adjustments are scheduled to take effect tonight at 12 AM.

PRODUCT	OLD PRICE (PKR)	NEW PRICE (PKR)	CHANGE (PKR)
Petrol	279.75	289.41	+9.66
High Speed Diesel (HSD)	285.56	282.24	-3.32

This notification mirrors the continual flux observed in global oil markets and its consequent impact on domestic pricing. While the surge in petrol rates may pose a burden on consumers, the decline in diesel prices could provide some alleviation. Such fluctuations underscore the volatile dynamics inherent in the energy sector, exerting significant influence on our daily lives and economic landscape.

The rationale behind this decision stems primarily from the International Monetary Fund's (IMF) recommendation to reintroduce an 18% general sales tax (GST) on petrol, as a prerequisite for unlocking the final tranche of its bailout package. Additionally, there are indications suggesting the government's intention to elevate the petroleum levy from Rs. 60 to Rs. 100. Notably, the Petroleum Development Levy has witnessed several adjustments in recent years, with a significant increase observed during the fiscal year 2023.

Initially established at Rs. 20 per liter in July 2022, the petroleum levy on petrol underwent subsequent increments, reaching Rs. 50 per liter in November 2022, and further ascending to Rs. 60 per liter until September 2023. Presently, the government imposes a development levy of Rs. 60 per liter on both petrol and diesel, standing as the maximum threshold under prevailing legislation. In determining these prices, the government factors in considerations such as the requirements of Pakistan State Oil, taxation policies, and global oil market trends.

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