rewrite this title with different wordingPetrol Prices Are Likely to Increase by Rs. 7/L

For those who thought that petrol prices in Pakistan, from now, would remain stable for months, there is another update mirroring a new crude shock. The incumbent government is anticipated to increase prices of petroleum products for the next fortnight.

According to the reports, petrol prices are likely to surge by Rs. 7.67 per litre, whereas high-speed diesel (HSD) may observe a jump of Rs. 3.72 per litre. Meanwhile, the price of kerosine oil and light diesel oil is expected to increase by Rs. 2.39 and 0.92 per litre, respectively, taking the new price to Rs. 184.25 and Rs. 166.65.

However, the new price of petrol could be Rs. 273.28 per litre, while high-speed diesel prices may reach 281.25 per litre.

Not surprisingly, the reason behind the upcoming price hike is again the uptrend witnessed in the international oil market. According to the media reports, the global prices of petrol and HSD had ticked up by Rs. $4.4 and $2, respectively, in the last fortnight.

Petroleum Levy & Petrol Prices

There are also indications that further petrol price hikes will be introduced in future revisions because an additional petroleum levy of Rs. 20 per litre is yet to be inflicted on petrol and diesel prices. Prime Minister Shahbaz Sharif has also admitted to the upcoming price hike, adding that it will not happen in a single take but in different phases.

Sources have revealed that an additional petroleum levy of Rs. 5 may add to the fuel prices. If it happens, it will take the petrol and high-speed diesel (HSD) to the new price of Rs. 278.28 per litre and Rs. 286.17 per litre, respectively, with a cumulative jump of Rs. 12.67 and Rs. 8.72 per litre.

A few days back, 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 litre. 

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