The government is preparing to increase the price of petrol by approximately Rs7 per litre for the first half of July 2024, aligning with the upward trend in international oil prices. This adjustment would mark the end of four consecutive reductions, which collectively lowered prices by Rs35 per litre.
In the fiscal year 2024-2025 budget, the federal government has decided to raise the maximum petroleum levy to Rs80 per unit on High-Speed Diesel Oil (HSDO) and Motor Gasoline.
Additionally, the price of high-speed diesel (HSD) is anticipated to rise by about Rs10.50 per litre due to an increase in its global price.
The final adjustment in fuel prices, scheduled for announcement at midnight on June 30, 2024, will reflect ongoing international market fluctuations and exchange rate dynamics. These new prices will be effective for the subsequent 15-day period.
In the previous fortnight, the government had reduced petrol and HSD prices for three consecutive updates, slashing rates by Rs10.2 and Rs2.33 per litre respectively, to Rs258.16 and Rs267.89 per litre.
