Petrol and diesel prices in Pakistan are likely to rise following a surge in global crude oil rates, according to ARY News. Expected increases include Rs 13 for petrol and Rs 14 for high-speed diesel. Prime Minister Shehbaz Sharif may provide the final approval for these revised rates.
Projected Fuel Price Increases in Pakistan
Recent volatility in the global oil market is driving a projected price hike for Pakistani consumers. ARY News, citing sources, reports that petrol prices could increase by Rs 13 while high-speed diesel (HSD) rates may rise by Rs 14. The final implementation of these rates depends on approval from Prime Minister Shehbaz Sharif.
Petroleum Levy Adjustments and Revenue
The Pakistani government recently shifted its strategy regarding fuel levies. On June 28, the government increased the petroleum levy on petrol and high-speed diesel despite a decline in international oil prices, The Express Tribune reported.
Data from Pakistan’s Petroleum Division, cited by The Express Tribune, shows the following levy changes:
- High-Speed Diesel (HSD): Increased by PKR 6.57 per litre to reach PKR 79.54 per litre.
- Petrol: Increased by 39 paisa per litre to reach PKR 66.64 per litre.
- Kerosene Oil: Remained unchanged at PKR 20.36 per litre.
The Express Tribune noted that the government chose not to pass the benefits of lower global prices to consumers. This decision allowed retail prices to remain stable for a week while the government’s revenue from the petroleum levy increased.
Kerosene Oil Price Reduction
While petrol and diesel levies rose, the government reduced the retail price of kerosene oil. According to a notification from the Oil and Gas Regulatory Authority (OGRA), the price of kerosene dropped by PKR 6.85 per litre. The new price is fixed at PKR 227.05 per litre, down from PKR 233.90 per litre, The Express Tribune reported.
Potential Next Steps for Fuel Pricing
The immediate outlook for fuel costs depends on the Prime Minister’s signature on the revised rates. If approved, consumers may face the reported Rs 13 and Rs 14 hikes. Officials in the Petroleum Division have clarified that the previous levy increases applied specifically to petrol and high-speed diesel, leaving kerosene unaffected.
