Petrol Price in Pakistan Increases by Rs4.80

The Finance Division of Pakistan has announced a significant increase in petrol and diesel prices, with petrol prices rising by Rs4.80 per litre and diesel prices by Rs7.95 per litre, effective from July 16.

The new prices will see high-speed diesel (HSD) increase from Rs254.64 to Rs262.59 per litre and petrol increase from Rs253.63 to Rs258.43 per litre. This price hike is attributed to higher international market prices and the imposition of various levies, including a petroleum levy and carbon levy on furnace oil, as well as a charge on petrol and diesel.

The increase in petrol and diesel prices is part of a commitment with the International Monetary Fund. The price hike is expected to have significant economic repercussions, particularly for the transport and agriculture sectors, which heavily rely on diesel. The increase in diesel prices may lead to higher logistics and commodity costs, affecting the overall economy.

The Ministry of Finance had previously proposed a price increase of up to Rs5 per litre, with petrol prices potentially rising by Rs1.12 per litre, high-speed diesel by Rs5.27 per litre, and kerosene oil by Rs4.13 per litre. However, the final decision was made after consulting with Prime Minister Shehbaz Sharif, taking into account international market fluctuations and domestic tax adjustments.

The price increase is likely to impact the daily lives of citizens, particularly those who rely on petrol and diesel for their daily commute or business activities. The government's decision to increase prices is expected to have far-reaching consequences for the economy and the people of Pakistan.