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Introduction
Beginning on July 1st, Petrol Price in Pakistan are predicted to increase by Rs. 7.54. A suggested rise of Rs. 8 has been made in reaction to global oil market hikes, which include a 3% increase in US crude oil to $80.25 per barrel and London Brent oil to $84.50 per barrel during a two-week period in the Finance Bill 2024. This adjustment, combined with a fuel tax hike from Rs. 60 to Rs. 80 per litre from July 1st in the 2024–2025 budget, attempts to bring petrol, diesel, and high-speed diesel pricing into line with global trends. Notwithstanding recent decreases brought on by worldwide recessions, such as the roughly Rs. 35 per litre drop in fuel prices since May 1st, the Finance Bill 2024 has increased the Petroleum Limit of the Development Levy (PDL) is Rs. 80 per litre. On June 13, Finance Minister Muhammad Aurangzeb provided more information about a plan to progressively modify PDLs in order to control fuel prices and maintain stability in the face of unstable international oil markets.
Islamabad Responds to the Suggestion of Raising Pakistan’s Petroleum Prices During a Global Oil Market Boom
ISLAMABAD As stated in the Finance Bill 2024, a proposal has been made to increase the price of petroleum commodities in Pakistan by Rs. 8 in reaction to the increase in oil prices on the global market.The recent rises in US crude oil prices of 3% to $80.25 per barrel and London Brent oil prices of 3.17% to $84.50 per barrel during a two-week period are reflected in this adjustment.
In two weeks, the price of US crude oil jumped by 3% on the international market to $80.25 per barrel, while the price of London Brent oil increased by 3.17 % to $84.50 per barrel.
A suggestion has been made to raise the price of petroleum products, such as petrol, diesel and high-speed diesel, by up to Rs 8 per litre in response to the increase in the worldwide market.
The sources stated that the proposal calls for an increase in Petrol Price of Rs 8 per litre and an increase in high-speed diesel prices of Rs 7 per litre.
In the meantime, the federal government suggested raising the fuel tax in the 2024–2025 budget from Rs. 60 to Rs. 80 per litre.
The Reaction of Pakistan to Varying Petrol Price
According to the sources, the higher tax will take effect on July 1.
In the past, Pakistan reduced the Petrol Price and HSD because of a downturn in the global market.
Petrol Price have dropped by roughly Rs35 per litre since May 1, from about Rs294 on April 30 to about Rs259.
In a similar vein, HSD prices have dropped from above Rs290 in mid-April to about Rs268 per litre, or about Rs 22.
Nonetheless, the PDL limit has been increased to Rs80 per litre by the Finance Bill 2024.
But on June 13, Muhammad Aurangzeb, the minister of finance, unveiled a comprehensive strategy to gradually raise fuel prices, mainly by making changes to the Petroleum Development Levy (PDL). In the face of volatile global oil markets, this tactical approach seeks to stabilise prices in line with current market trends.
Conclusion
The petrol price in Pakistan is expected to rise by Rs. 7.54 starting on July 1. This change is the result of a proposed increase of Rs. 8 in the Finance Bill 2024, which was made in response to recent increases in the price of crude oil in the US by 3% to $80.25 per barrel and the price of Brent oil in London by 3.17% to $84.50 per barrel during a two-week period. As part of the 2024–2025 budget, the government is also raising the fuel tax from Rs. 60 to Rs. 80 per litre on July 1st in an effort to bring the price of gasoline, diesel, and high-speed diesel into line with international market trends. Even though gasoline costs have recently decreased as a result of worldwide economic downturns—for example, Petrol Price has dropped by about Rs. 35 per litre since May 1st—the Finance Bill 2024 has established a maximum of Rs. 80 per litre for the Petroleum Development Levy (PDL). On June 13, Finance Minister Muhammad Aurangzeb provided more information about a plan to gradually modify PDLs in order to maintain stability in the face of erratic global oil markets. This all-inclusive strategy seeks to navigate volatility in the world economy while efficiently managing gasoline prices.
