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A couple of days back, Finance Minister Muhammad Aurangzeb, in his budget speech, proposed (now passed) a substantial surge of Rs. 20 in petroleum levy inflicted on petrol and diesel, and it was apparent that the incumbent government would increase the prices of petroleum products in coming fortnight revisions.

Suffice it to say that the masses were expecting that any uptick in petrol prices would, no doubt, lead to the recent jump in petrol levy. Well, what if you found that the government has increased petrol prices by Rs. 7.45 in the face of the uptrend in international oil prices, and the levy is yet to be inflicted?

It simply means that we will observe a series of small or moderate jumps in fuel prices, taking them from Rs. 290 to Rs. 300 per litre, reflecting the cumulative effect of global oil prices and the levy. Not surprisingly, Prime Minister Shehbaz Sharif has also admitted the upcoming price hike, adding that it will not happen in a single take but in different phases.

Earlier, we informed you that the government is anticipated to increase the petrol price by Rs. 9.84, including Rs. 5 in levy, bringing it to the collective Rs. 15.

Current Revision in Petrol Price

After four consecutive reductions, the petrol price in Pakistan increased by Rs. 7.45/liter, taking it to Rs. 265.61/liter from the previous Rs. 258.16/liter. Meanwhile, the new price of diesel is Rs. 277.45/liter after an increase of Rs. 9.56/liter. The new prices are applicable from July 1, 2024.

The incumbent government has been forced to take the step to burden the salaried and middle class of the country under an IMF-recommended reform to secure the upcoming loan program with the International Monetary Fund (IMF)

It is related to the mention that the Rs. 60 per liter levy was also inflicted to appease the IMF—it seems the threshold has been stretched amid a dearth of new ideas about how to enhance revenue through taxation while ending subsidies on consumption.

What are your thoughts on the government’s recent move? Do you think it is justified? Share your opinions in the comments section.