Petrol prices likely to come down by Rs 9 from June 15

ISLAMABAD: Petrol prices are likely to come down by a substantial margin of Rs nine per liter from June 15

According to sources, petrol is likely to be cheaper by Rs9 per litre and high-speed diesel by Rs4.

Moreover, Kerosene rate will be down by Rs2 per litre while light-speed diesel price will also slide by Rs4.

Proposed increase in petroleum levy to be implemented gradually, says Aurangzeb

OGRA will send a summary to the government for approval. The final decision will be made by prime minister Shehbaz Sharif after consultation with the Finance Minister.

If the proposed petrol prices are implemented than the petrol prices from June 15 will come down to Rs 256.36 per liter

Govt increases petroleum levy

The federal government has set an ambitious target to collect Rs1.28 trillion through the petroleum levy in the fiscal year 2024-25, marking a 47.4 per cent increase over the previous year’s goal.

In the outgoing fiscal year, the government collected Rs960 billion from the petroleum levy, surpassing the original target of Rs869bn. The budget for the upcoming fiscal year projects an additional Rs321bn in collections.

Moreover, Rs28bn is expected to be collected from the levy on crude oil, the same amount collected in the outgoing year compared to a target of Rs35bn. The newly introduced levy on gas is projected to generate Rs400 million, despite not being included in the original budget for 2023-24, but Rs220m was still collected under this head.