Petrol price increased by nearly Rs10 per litre

LAHORE: The government has increased the petrol price in Pakistan by Rs9.99 per litre and the diesel price by Rs6.18 per litre for the remaining month of July 2024.

Earlier reports had suggested a rise of Rs7 per litre for petrol and Rs3 per litre for diesel; however, this unexpected and substantial increase was not anticipated.

The recent hike will raise the petrol price to Rs275.6 per litre. The increased petrol prices are likely to put additional burden on Pakistani citizens who are already struggling to afford their essential needs amidst high electricity prices.

The temporary relief in petrol prices previously provided by the government has been rescinded.

This increase is attributed to fluctuations in global oil prices and the financial dynamics affecting the energy sector. Earlier this month, during the announcement of the new fiscal budget for 2024-25, the government raised the petroleum levy on petrol and diesel from Rs60 per litre to Rs80 per litre.

Prior to this hike, petrol prices in major cities across Pakistan, including Lahore, Islamabad, Rawalpindi, Gujranwala, Sialkot, Karachi, and Peshawar, stood at Rs265.61 per litre, while diesel was priced at Rs277.45 per litre. In July 2023, petrol was available at Rs253 per litre.