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After four consecutive reductions, petrol price in Pakistan today has seen a jump of Rs. 7.45/liter, taking the price to Rs. 265.61/liter from previous Rs. Rs. 258.16/liter. Meanwhile, the new price of diesel is Rs. 277.45/liter after a an increaser of Rs. 9.56/liter. The new prices will be applicable from July 1, 2024.
Reports on Petrol Price in Pakistan
Earlier media reports suggested the price increase ranging from Rs. 7/liter to Rs. 15/liter due to international increase in rates of petroleum goods and the Petroleum Levy (PL), the government announced in the Budget 2024-25.
Few days back, in the budget, the government increased petroleum levy on petrol and diesel from the previous Rs. 60/L to the new Rs. 80 per litre. Hence, it was clear that fuel prices would observe a massive surge in coming days and not surprisingly, the 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.
The incumbent government has been forced to took the step to burden the salaried and middle class of the country under an IMF-recommended reforms to secure the upcoming loan programme with international monetary Fund (IMF)
It is related to mention that Rs. 60 per liter levy was also inflicted to appease IMF – seems threshold has been stretched amid a dearth of new ideas about how to enhance revenue through taxation whilst ending subsidies on consumption. The petrol price in Pakistan is directly related to the inflation rate in the country because with its increase, the prices of daily commodities automatically go up, further burdening the masses. Furthermore, it has been reported that the petrol levy will be increased in steps, meaning the fuel prices in Pakistan may see continues hikes in the coming weeks.
What is your take on the revised petrol price in Pakistan? Do you think it is a right decision by the government? Please tell us in the comments section.
