In another blow to consumers grappling with inflation, the federal government, led by Prime Minister Shehbaz Sharif, has announced significant increases in petrol and diesel prices. According to a notification issued by the Ministry of Finance on Sunday, petrol prices will surge by Rs7.45 per litre, while diesel will see a steep hike of Rs9.56 per litre.
The Ministry attributed the price adjustments to a recent upward trend in international petroleum markets over the past fortnight. The Oil & Gas Regulatory Authority (OGRA) has calculated these new consumer prices based on these international price fluctuations. Importantly, there will be no changes to the existing levels of taxes and duties.
Earlier in June, the government had reduced petroleum prices as a special Eid-ul-Adha gift to the public. After this reduction, petrol was priced at Rs258.16 per litre, and diesel at Rs267.89 per litre.
Addressing concerns about the Petroleum Development Levy (PDL), Finance Minister Muhammad Aurangzeb clarified that the current rate of Rs70 PDL would remain unchanged for now, underscoring the government’s commitment to economic stability and transparency. The government aims to bolster investor confidence, combat corruption, and foster sustainable economic growth through ongoing reforms and initiatives.
