Consumers on Alert: Rising global oil markets set to push Pakistan petrol, diesel prices higher
Rising global crude oil rates are likely to drive up petrol and diesel prices in Pakistan.
Consumers on Alert: Rising global oil markets set to push Pakistan petrol, diesel prices higher| ImageL: ANI
Islamabad: Fuel prices in Pakistan are expected to witness another rise due to a fresh surge in crude oil rates in the global market as tensions between Iran and the United States escalated. This could be a big burden on Pakistani citizens as they are already dealing with inflation and higher prices of essential items. The petrol price is likely to rise by Rs 13.18, whereas high-speed diesel is expected to be hiked by Rs 13.80, ARY News reported.
Pakistani PM Shehbaz Sharif may give the final approval for the revised petroleum rates following the new rates of petrol and diesel being announced.
On June 28, the Pakistani government increased the petroleum levy on petrol and high-speed diesel (HSD) while leaving retail fuel prices unchanged for another week, despite a decline in international oil prices, The Express Tribune reported.
According to The Express Tribune, citing figures released by Pakistan's Petroleum Division, the petroleum levy on high-speed diesel (HSD) has been raised by PKR 6.57 per litre to PKR 79.54 per litre, while the levy on petrol has been increased by 39 paisa per litre to PKR 66.64 per litre.
The petroleum levy on kerosene oil remained unchanged at PKR 20.36 per litre.
The revision came after the government decided not to pass on the benefit of lower global oil prices to consumers, opting instead to maintain petrol and diesel prices at existing levels for the coming week.
However, the Pakistani government has reduced the price of kerosene oil by PKR 6.85 per litre. According to a notification issued by Pakistan's Oil and Gas Regulatory Authority (OGRA), the new price of kerosene has been fixed at PKR 227.05 per litre, down from PKR 233.90 per litre, as reported by The Express Tribune.
According to Petroleum Division officials, the recent rise in the petroleum levy applies specifically to petrol and high-speed diesel. The government has not revised the levy on kerosene.
While people of Pak will not see a change in petrol and diesel prices at the fuel pump, the Shehbaz Sharif government's revenue from the petroleum levy has gone up.
(with ANI inputs)
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