Govt increased price of petrol by Rs 9.99, diesel by Rs 6.18

Bad news for Pakistanis. The federal government on Monday increased the price of petrol by Rs 9.99 per liter and the price of High Speed ​​Diesel (HSD) by Rs 6.18 per liter for the next fortnight from July 16, 2024. Notification issued.

After increasing the price of petrol by Rs 9.99 from July 16, 2024, the new price is Rs 275.60 per litre. Diesel price increased by Rs 6.18 per litre, new price Rs 283.63

New Petroleum Prices from 16th July, 2024. pic.twitter.com/epau2f0Wjq

— Ministry of Finance, Government of Pakistan (@Financegovpk) July 15, 2024

There will be no change in applicable duties and taxes, he said, adding that they will remain at existing levels.

The government in the Finance Bill has raised the ceiling of Petroleum Development Levy (PDL) to Rs 70 per liter to collect Rs 1.28 trillion in the current financial year from Rs 960 billion collected during the previous year.

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The government currently levies a tax of around Rs 77 per liter on both petrol and HSD. Although the general sales tax on all petroleum products is zero, the government levies a PDL of Rs 60 per liter on both products, affecting the general public. The government is also charging a customs duty of around Rs 17 per liter of petrol and HSD, irrespective of their local production or imports.

Petroleum product prices in Pakistan are changed every 15 days. Energy Minister issues notification of new prices of petroleum products on 1st and 15th of every month.

Visit our website for analysis of previous petrol and diesel prices. We also share expected petrol prices in Pakistan. These expected prices are common in international market and domestic market.