Pakistan braces for another fuel blow as global oil surge threatens petrol, diesel price hike

Islamabad [Pakistan], July 11 (ANI): The petrol and diesel prices in Pakistan are likely to witness a rise due to recent surge in crude oil rates in global market, ARY News reported.

The price of petrol is expected to increase by Rs 13, whereas the rates of high-speed diesel can be hiked by Rs 14, ARY News reported citing sources.

Pakistani PM Shehbaz Sharif may give the final approval for the revised petroleum rates following the new rates of petrol and diesel being announced.

On June 28, the Pakistani government increased the petroleum levy on petrol and high-speed diesel (HSD) while leaving retail fuel prices unchanged for another week, despite a decline in international oil prices, The Express Tribune reported.

According to The Express Tribune, citing figures released by Pakistan's Petroleum Division, the petroleum levy on high-speed diesel (HSD) has been raised by PKR 6.57 per litre to PKR 79.54 per litre, while the levy on petrol has been increased by 39 paisa per litre to PKR 66.64 per litre.

The petroleum levy on kerosene oil remained unchanged at PKR 20.36 per litre.

The revision came after the government decided not to pass on the benefit of lower global oil prices to consumers, opting instead to maintain petrol and diesel prices at existing levels for the coming week.

However, the Pakistani government has reduced the price of kerosene oil by PKR 6.85 per litre. According to a notification issued by Pakistan's Oil and Gas Regulatory Authority (OGRA), the new price of kerosene has been fixed at PKR 227.05 per litre, down from PKR 233.90 per litre, as reported by The Express Tribune.

Officials in the country's Petroleum Division said the increase in the petroleum levy applies only to petrol and high-speed diesel, while the levy on kerosene has not been revised.

The latest changes mean consumers will continue paying the same retail prices for petrol and diesel, even as the government's revenue from the petroleum levy on the two fuels has increased. (ANI)

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