ISLAMABAD: The government is set to increase petroleum product prices starting July 16, with petrol expected to rise by Rs7.67 per litre, high-speed diesel by Rs3.72 per litre, and kerosene by Rs2.73 per litre.
A proposal to raise the levy on petroleum products has been prepared and is awaiting final approval from Prime Minister Shahbaz Sharif. The Ministry of Finance is expected to announce the new prices tonight following consultations with the premier.
The potential hike in petrol prices was reported earlier on July 13, revealing that the government is considering a substantial increase in petroleum product prices. Consumers, already grappling with inflation, are expected to face an additional blow due to the hike for the latter half of July 2024.
Reports indicate that the adjustments, influenced by global oil prices, currency exchange rates, and financial dynamics in the energy sector, could elevate petrol to Rs273.28 per litre, high-speed diesel to Rs281.25, kerosene oil to Rs184.25, and light diesel oil to Rs166.65.
Last week, sources indicated the possibility of further oil price hikes in the event of an additional petroleum levy of Rs5 per litre.
Additionally, the PML-N-led federal government recently notified a significant increase in the power tariff for all consumers, including those served by K-Electric. The Power Division issued the notification on Sunday, raising the basic tariff for domestic consumers by up to Rs7.12 per unit.
However, domestic consumers using up to 200 units per month are exempt from this increase for three months.
