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The federal government has once again reduced the petrol price in Pakistan today by Rs. /liter. The new prices will be implemented for the next fortnight, starting June 15, 2024. After the latest revision, the new rate of petrol will be Rs. 258.16/liter compared to the previous Rs. 268.36/liter, after a reduction of Rs. 10.20/liter. Meanwhile, diesel will now cost Rs. 267.89/liter against Rs. 270.22/liter as its price is reduced by Rs. 2.33/liter. 

Earlier, reports hinted the drop in the petrol price in Pakistan, majorly due to a decline of $2.7 and $3.75 per barrel in HSD and petrol prices, respectively, in the international market in the last two weeks, was the reason behind the expected move. Importantly, this is the fifth consecutive drop in the fuel prices in the country as the global rates are coming down, hence, a significant relief for the citizens despite record high taxes on petroleum goods. 

Revised Levy & Upcoming Petrol Price Hike

A day ago, in the new fiscal budget 2024-25, the government increased the petroleum levy on petrol and diesel from the previous Rs. 60/L to the new Rs. 80 per liter. It is clear that fuel prices will observe a massive surge in the coming days. Not surprisingly, the Prime Minister has also admitted the upcoming price hike, adding that it will not happen in a single take but in different phases.

The federal government has been compelled to take this step as part of the IMF-recommended reforms, a necessary measure to secure the upcoming loan program with the International Monetary Fund (IMF), which will have a significant impact on the country’s economic stability.

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 do you think about revising the petrol price in Pakistan today? Would it impact the daily lives of ordinary people? Please share your thoughts in the comments section.