In a late-night announcement on Monday, the federal government delivered another price shocker by announcing increased rates for petrol and diesel. The new prices are set to take effect from July 16 and will remain applicable for the next fortnight.
According to a notification issued by the Finance Division, the price of petrol has been increased by Rs9.99 per litre, while the cost of high-speed diesel (HSD) has been hiked by Rs6.18 per litre. The statement clarified that the Oil & Gas Regulatory Authority (OGRA) calculated these new consumer prices based on fluctuations in the international market.
| Product | Existing Price (Rs) | New Price (Rs) | Increase (Rs) |
|---|---|---|---|
| Petrol | 265.61 | 275.60 | +9.99 |
| High-Speed Diesel (HSD) | 277.45 | 283.63 | +6.18 |
Despite the price hike, the Finance Division stated that there will be no changes in the applicable duties or levies, which will remain at the current levels. This means the Petroleum Development Levy (PDL) will continue to be Rs60 per litre for both petrol and diesel.
This marks the second instance since the federal budget’s passage on June 28 that the government has opted not to increase the levy on petroleum products. The federal budget for 2024-25 had initially increased the PDL by Rs10 per litre, from Rs60 to Rs70.
The government attributes the recent price hikes to international market trends, which have impacted local consumer prices significantly. This increase is expected to affect a wide range of economic activities and could potentially lead to higher inflation rates in the coming weeks.
By monitoring these price adjustments and their implications, the public can better understand the broader economic landscape and prepare for potential changes in their expenses.
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