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After three-to-four-time consecutive reductions in petrol prices, the incumbent government is gearing up to reverse the effect of relief by increasing the petrol and high-speed diesel (HSD) prices by Rs. 9.84 and 7.54 per liter, respectively. Interestingly, this is not the only update, media reports have revealed that government is likely to raise the petroleum levy by Rs. 5.

If it happens, the cumulative jump in prices of petrol and HSD will reach Rs. 12.54 and 14.84, respectively, taking the new price of Rs. 270.07 and 282.73. And the reason behind anticipated hike in petrol price purely reflects the uptrend recently observed in international oil prices.

Current Petrol Prices

Earlier on June 15, 2024, the federal government reduced the petrol price in Pakistan by Rs. 10.20/liter. After the last revision, the new rate of petrol is clocking at Rs. 258.16/liter compared to the previous Rs. 268.36/liter. Meanwhile, diesel now cost Rs. 267.89/liter against Rs. 270.22/liter as its price was reduced by Rs. 2.33/liter.

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