Starting July 1st, fuel prices in Pakistan may increase significantly. The federal government has proposed raising the petroleum levy by Rs20 per liter in the upcoming Finance Bill 2024 to secure a new IMF bailout package. This could lead to fuel prices going up by up to Rs20 per liter.
The Finance Bill, which will be passed in the National Assembly on June 28, will come into effect on July 1st. The government plans to announce the new petrol prices on June 30.
The proposed changes will increase the maximum petroleum levy rate from Rs60 to Rs80 per liter for both petrol and high-speed diesel. This levy is crucial for the government to raise funds and meet the ambitious revenue target of Rs12.97 trillion for the Federal Board of Revenue (FBR) in the fiscal year 2024-25.
Currently, petrol costs Rs258.16 per liter, and high-speed diesel is priced at Rs267.89 per liter after a recent price cut. With the anticipated increase in the petroleum levy, consumers in Pakistan should prepare for higher fuel costs at the pump from July 1st.
