Effective from July 16, petrol prices in Pakistan have been raised by Rs9.99 per litre for the upcoming fortnight, reflecting the increase in global oil prices. The federal government also hiked the price of high-speed diesel (HSD) from Rs277.45 per litre to Rs283.63, marking an increase of Rs6.18.
The Finance Division released a notification detailing the new fuel prices, which were calculated by the Oil & Gas Regulatory Authority (OGRA) for the next two weeks.
| Product | Existing Price | New Price | Increase/Decrease |
|---|---|---|---|
| Petrol | Rs265.61 | Rs275.60 | +Rs9.99 |
| High-Speed Diesel (HSD) | Rs277.45 | Rs283.63 | +Rs6.18 |
According to the statement, “The Oil & Gas Regulatory Authority (OGRA) has determined the consumer prices based on international market price variations.”
In the federal budget for 2024-25, the government increased the petroleum development levy (PDL) by Rs10 per litre, from Rs60 to Rs70, adding to the financial strain on consumers already affected by inflation. However, the Finance Division clarified that there has been no change in the applicable duties or levies with the new prices, keeping the PDL at Rs60 per litre for petroleum products.
This marks the second instance since the federal budget was passed on June 28 that the government has refrained from raising the levy on petroleum products.
Petrol, primarily used in private transportation, small vehicles, rickshaws, and two-wheelers, significantly impacts the budgets of the middle and lower-middle classes. Meanwhile, a considerable portion of the transport sector relies on high-speed diesel. The price of HSD is considered inflationary as it is used in heavy transport vehicles, trains, and agricultural machinery such as trucks, buses, tractors, tube wells, and threshers, contributing to the rising costs of vegetables and other food items.
