This Week Could See a Potential Increase in Petrol and Diesel Prices
Petrol and High-Speed Diesel (HSD) prices are anticipated to undergo significant increases as the current fiscal year draws to a close.
Petrol and High-Speed Diesel (HSD) prices are anticipated to undergo significant increases as the current fiscal year draws to a close.
On June 30, 2024, the federal government plans to raise the price of petrol by Rs. 7 per liter and diesel by Rs. 10.5 per liter. Additionally, the Finance Bill 2024 proposes a gradual increment in the petroleum development levy (PDL) on both petrol and high-speed diesel, eventually reaching Rs. 80 per liter.
While the full implementation of the PDL increase will occur in phases, potential adjustments based on market dynamics may offer relief in the upcoming fiscal year.
Due to recent trends, petrol prices are projected to rise to Rs. 265.16 per liter, and diesel prices could increase to Rs. 277.89 per liter, up from the current Rs. 267.89 per liter.
It is noteworthy that the Pakistani Rupee has maintained stability at 278 per US dollar over the current fortnight.
