Petrol and Diesel Prices Hiked Again, No Change in Petroleum Levy
The federal government has announced another hike in fuel prices, increasing the cost of petrol by Rs5.36 per litre and high-speed diesel (HSD) by Rs11.37 per litre. The revised prices will take effect from July 16 and remain applicable for the next 15 days.
With the latest adjustment, petrol will now be sold at Rs272.15 per litre, while high-speed diesel will cost Rs284.35 per litre. On the other hand, the price of kerosene has been slightly reduced by Rs3.10 per litre.
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The decision was made following consultations between the Ministry of Finance and Prime Minister Shehbaz Sharif. Although the Oil and Gas Regulatory Authority (Ogra) prepares a technical pricing estimate based on international oil market trends and input from oil marketing companies, the final decision to pass on or absorb the changes lies with the federal government.
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The pricing review comes shortly after oil marketing companies submitted updated pricing data to Ogra earlier this week. The authority is also expected to send its working paper on revised petroleum pricing to the Ministry of Energy (Petroleum Division), offering a technical basis for future price decisions.
Prior to this increase, petrol was being sold at Rs266.79 per litre and diesel at Rs272.98 per litre as of July 1. At the time, market expectations suggested that a rise of Rs6.60 could push petrol above Rs273 per litre and diesel close to Rs278 per litre, a threshold now surpassed with the latest hike.
Despite the surge in retail prices, the federal government has opted to keep the petroleum development levy unchanged. According to sources, the levy on petrol remains at Rs75.52 per litre, while diesel continues to carry a levy of Rs74.51 per litre. Officials stated that the move is intended to maintain consistent revenue collection amid rising global oil costs.
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