In a move that will impact consumers across the country, the Pakistani government has announced substantial increases in fuel prices. The finance ministry issued a notification on Sunday detailing the new rates.
Motorists will now pay Rs. 265.61 per liter for MS petrol, marking a Rs. 7.45 increase. High-speed diesel (HSD) users face an even steeper hike, with prices jumping by Rs. 9.56 to reach Rs. 277.45 per liter.
This price adjustment comes after a brief respite on June 14, when petrol and diesel prices were reduced by Rs. 10.20 and Rs. 2.33 per liter, respectively.
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Both fuels currently carry a petroleum levy of Rs. 60 per liter, the maximum allowed under current law. However, this cap is set to rise in the upcoming fiscal year. The recently approved Finance Bill 2024 permits an increase of Rs. 10 per liter, potentially pushing the levy to Rs. 70 per liter.
The rising fuel costs are expected to have wide-ranging effects on the Pakistani economy. Higher transportation expenses will likely lead to increased prices for consumer goods and services, putting pressure on household budgets.
For this pricing period, the Pakistani Rupee remains stable against the US dollar, holding at 278.
These new fuel prices take immediate effect across Pakistan, impacting millions of consumers and businesses nationwide.
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