The federal government has raised the petrol price by Rs7.45 per liter from Rs258.16 to Rs265.61 for the next two weeks in response to an "increasing trend in the international market."
The Finance Division formally announced the most recent pricing, which it stated was calculated by the Oil and Gas Regulatory Authority (Ogra) based on price fluctuations in the worldwide market.
According to the statement, the price of high-speed diesel (HSD) has also been raised by Rs9.56 to Rs277.45 per liter. The increased fuel prices will take effect on July 1.
"The prices of petroleum products have seen an increasing trend in the international market during the last fortnight," the official statement read.
The changes in fuel prices come for the first time since the announcement of the federal budget for fiscal year 2024–25 earlier this month on June 12. The Finance Division stated that there will be no change in the applicable taxes and duties, which will remain at the existing level, as had been notified by the government in the Budget FY25. The government had increased the petroleum development levy (PDL) by Rs10 per liter—from Rs60 to Rs70—in the budget, further burdening the inflation-hit masses. However, Finance Minister Muhammad Aurangzeb clarified earlier today that the increased levy on petroleum products was not being imposed immediately, meaning that the PDL remains the same in the latest fuel price review.
Earlier, the government had provided a cumulative relief of Rs 35 per liter by decreasing the petrol price in the last four fortnightly reviews.