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In the world of modern economies, petrol prices decide the fate. Same is the case in Pakistan where even a slight variation cascades an effect on the living costs of the masses already grappling with ongoing hyperinflation.
As per the media reports, petrol prices are anticipated to decrease by Rs. 9 per litre from June 16, 2024 for the next fortnight. If it happens, the petrol would be priced at Rs. 259.36 from the current Rs. 268.36. Importantly, it is the consecutive fifth drop in fuel prices in Pakistan.
Meanwhile, High Speed Diesel (HSD) and Kerosine oil price are also reported to slash by Rs. 5 and Rs. 2 per litre, respectively, reaching at new rate of Rs. 265.22 and Rs. 184.86 per litre.
Reports informed that decline of $2.7 and $3.75 per barrel in HSD and petrol prices, respectively, in international market in last two weeks is the reason behind expected move.
Revised Levy & Upcoming Petrol Price Hike
A day back, in the new fiscal budget 2024-25, the government increased petroleum levy on petrol and diesel from the previous Rs. 60/L to the new Rs. 80 per litre. Here, it is clear that fuel prices would observe a massive surge in coming days and 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 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.
What do you think about the upcoming drop in petrol price and the anticipated hike likely to inflicted in July’24. Tell us in the comments section.
