Petrol Price in Pakistan Increased by Rs.9.99/- Per Liter

Jawad

15 Jul 2024

270

Petrol Price in Pakistan Increased by Rs.9.99/- Per Liter

Earlier today, the federal government made a significant announcement regarding the petrol and diesel prices in Pakistan. Following consultations with Prime Minister Shahbaz Sharif, the Ministry of Finance has decided to implement a substantial increase in fuel prices. Effective from July 16, 2024, the price of petrol will rise by Rs. 9.99 per liter, while high-speed diesel (HSD) will see an increase of Rs. 6.18 per liter.

New Prices and Duration

Under the new pricing structure, petrol will now cost Rs. 275.60 per liter, and diesel will be priced at Rs. 283.63 per liter for the next fifteen days.

PRODUCT	OLD PRICES	NEW PRICES	CHANGE
PETROL	265.61	275.60	+9.99
DIESEL	277.45	283.63	+6.1

Earlier Expectations and Market Trends

Initially, there were speculations that petrol prices might increase by Rs. 7.67 per liter, with HSD expected to rise by Rs. 3.72 per liter. Additionally, the anticipated price adjustments for kerosene oil and light diesel oil were projected at Rs. 2.39 and Rs. 0.92 per liter, respectively.

Global Market Influence

The primary reason cited for this price hike is the upward trend observed in the international oil market. Reports indicate that global petrol and HSD prices surged by $4.4 and $2 per liter, respectively, over the past fortnight.

Future Implications and Petroleum Levy

Looking ahead, there are indications that further increases in petrol prices may follow, as an additional petroleum levy of Rs. 20 per liter is yet to be applied to both petrol and diesel. Prime Minister Shahbaz Sharif has acknowledged the forthcoming adjustments, assuring that these increases will occur gradually over multiple phases.

Potential Future Adjustments

Sources suggest that an additional levy of Rs. 5 per liter could further elevate fuel prices. If implemented, this would bring the new prices of petrol and HSD to Rs. 278.28 and Rs. 286.17 per liter, respectively, marking a cumulative increase of Rs. 12.67 and Rs. 8.72 per liter.

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