The federal government of Pakistan will be setting new petrol prices on June 30, with the revised prices taking effect from July 1.
This comes as part of the implementation of the Finance Bill 2024, which was presented earlier this month.
The key change is that the maximum petroleum levy rate has been proposed to be increased by Rs20 to Rs80 per liter, for both petrol and high-speed diesel. This petroleum levy is a crucial revenue source for the government, as it seeks to generate more funds to secure another bailout package from the International Monetary Fund (IMF).
Currently, the price of petrol stands at Rs258.16 per liter, while high-speed diesel is priced at Rs267.89 per liter, after a recent reduction earlier this month. However, with the proposed increase in the petroleum levy, it is expected that petrol and diesel prices in Pakistan will rise accordingly from July 1st.
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It is unlikely that the government will increase petroleum levy by Rs20 per litre in one go, but you could expect an increase.
The government has set an ambitious revenue target of Rs12.97 trillion for the Federal Board of Revenue (FBR) in the next fiscal year 2024-25.
The hike in the petroleum levy is seen as a key measure to help achieve this target and secure the much-needed IMF support.
