Islamabad: On June 30, the federal government of Pakistan will announce new petrol rates. These prices will go into force on July 1st, the same day the new finance bill is put into action.
Read About: Petrol Price for Next Fortnight
After releasing the budget for the upcoming fiscal year 2024–2025 on June 12, the government will adjust petroleum prices for the first time on June 30. In the finance bill, the government has proposed raising the maximum petrol duty from Rs20 to Rs80 per liter.
The government receives a substantial portion of its revenue from the petroleum levy, and it hopes to increase revenue to obtain additional bailout funds from the International Monetary Fund (IMF).
The highest fuel levy rate for both petrol and high-speed diesel will be set at Rs 80 per liter under the proposed Finance Bill 2024.
For the upcoming fiscal year 2024–2025, the government has set the Federal Board of Income’s (FBR) revenue target at Rs 12.97 trillion.
Current Petrol Prices in Pakistan 2024:
The government lowered consumer rates for petrol and high-speed diesel (HSD) earlier this month by Rs. 10.20 and Rs. 2.33, respectively.
Following the change, the cost of petrol is currently Rs 258.16 per liter, while the cost of high-speed diesel is Rs 267.89 per liter.
The Current Cost of Petrol in Pakistan as of July 1:
Pakistani petrol and diesel prices would probably increase in line with the approval of the budget proposal to raise the petroleum charge.