- The government will announce new petrol prices in Pakistan on June 30,
- The petroleum levy is crucial for government revenue.
- The Finance Bill 2024 sets the maximum petroleum levy rate at Rs80 per liter.
ISLAMABAD – The federal government will set new petrol prices in Pakistan on the last day of June, with the new prices effective from July 1, coinciding with the implementation of the new finance bill.
The government will revise petroleum prices on June 30 for the first time after presenting the budget for the next fiscal year 2024–25 on June 12. In the finance bill, the government has proposed raising the maximum petroleum levy by Rs20 to Rs80 per liter.
The petroleum levy is a significant income source for the government, which aims to generate more revenue to secure another bailout package from the International Monetary Fund (IMF).
As per the proposed Finance Bill 2024, the maximum petroleum levy rate will be set at Rs 80 per liter for both petrol and high-speed diesel.
The government has set the revenue target for the Federal Board of Revenue (FBR) at Rs 12.97 trillion for the next fiscal year 2024–25.
Current Petrol Prices in Pakistan
Earlier this month, the government reduced the prices of petrol and high-speed diesel (HSD) by Rs 10.20 and Rs 2.33 for consumers, respectively.
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After the revision, the current petrol price is Rs 258.16 per liter, and the high-speed diesel price is Rs 267.89 per liter.
The latest petrol price in Pakistan as of July 1
If the budget proposal to increase the petroleum levy is approved, it is likely that petrol and diesel prices in Pakistan will rise accordingly.
