KARACHI: Petroleum product prices in Pakistan are expected to decrease due to a global decline in crude oil prices. However, the government plans to raise the levy on petrol and diesel from Rs60 to Rs80 per liter, effective from July if approved, will significantly increase the petroleum product prices next month.
The federal government will adjust petrol prices on June 15, with the new rates taking effect from June 16. Since April 16, the PML-N coalition government has reduced petrol prices by Rs24 per liter and diesel prices by Rs20 per liter.
On May 31, the government reduced petrol prices by Rs4.74 per liter and diesel prices by Rs3.68. As of June 15, petrol is priced at Rs268.36 per liter and diesel at Rs273.10 per liter.
Petrol prices are expected to drop by Rs9 to Rs259.36 per liter starting June 16, while up to Rs4 per liter decrease is expected in diesel price.
Simultaneously, the government has proposed increasing the levy on petrol and diesel from Rs60 to Rs80 per liter in the federal budget 2024-25. Additionally, there is a proposal to increase the levy by 50 percent on high-octane, light diesel, and ethanol, with a proposed levy of Rs50 per liter if approved.
If these proposals are accepted, petroleum prices could rise from July 1, 2024.
