ISLAMABAD: The prices of petrol and high-speed diesel (HSD) are expected to rise by Rs7 and Rs8 per litre, respectively, for the next fortnightly starting from July 1.
This increase is primarily due to higher international market prices and if approved by the federal government, this will be after four consecutive fortnightly price reductions.
Over the past fortnight, international prices for petrol and HSD have surged by approximately $4.4 and $5.5 per barrel, respectively.
Based on current calculations and tax rates, petrol prices are projected to rise by Rs7 per litre and HSD by Rs8.5 per litre.
The price hike could be more significant if the government increases the petroleum development levy (PDL) from the current Rs60 per litre.
The Finance Bill 2024 has proposed the maximum PDL limit of Rs80 per litre, aiming to collect Rs1.28 trillion in the new fiscal year, up from an estimated Rs960 billion in the outgoing fiscal year.
