Govt likely to hike petrol, diesel prices for first half of July 2024

ISLAMABAD: The government is reportedly gearing up to raise the price of petrol by approximately Rs7 per litre in the first half of July 2024, aligning with the upward trend in international oil prices.

This anticipated hike follows four consecutive reductions, collectively lowering prices by Rs35 per litre.

Earlier, in the fiscal year 2024-2025 budget, the federal government had decided to ramp up the maximum petroleum levy from Rs60 to Rs80 per unit on High-speed diesel oil (HSDO) and Motor gasoline.

Additionally, there are expectations of a bigger increase of around Rs10.50 per litre for high-speed diesel (HSD), driven by its climbing global price.

The exact adjustment in fuel prices, slated for announcement at midnight on June 30, 2024, will hinge on international market fluctuations and exchange rate variations. These new prices will be effective for the subsequent 15 days.

In the preceding fortnight, the government had reduced petrol and high-speed diesel prices for the third consecutive time, cutting them by Rs10.2 and Rs2.33 per litre, respectively.

As a result, the current rates stand at Rs258.16 per litre for petrol and Rs267.89 per litre for high-speed diesel (HSD).

The impending increase underscores the government’s strategy to manage domestic fuel rates amid volatile global oil markets.

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