ISLAMABAD – The federal government is all set to petrol prices in Pakistan on last day of June with new prices come into effect from July 1, the day when the new finance bill would also be implemented.
The government will be revising the petroleum prices on June 31 for the first time after presenting the budget for next fiscal year 2024-25 on June 12. In the finance bill, the government has proposed an increase in the maximum petroleum levy by Rs20 to Rs80 per litre.
The petroleum levy is considered a major source of income for the government, which now aims at generate more revenue to secure another bailout package from the International Monetary Fund (IMF).
According to the proposed Finance Bill 2024, the maximum petroleum levy rate will now be Rs80 per liter on both petrol and high-speed diesel.
The government has fixed the revenue target for Federal Board of Revenue (FBR) at Rs12.97 trillion for next fiscal year 2024-25.
Earlier this month, the government lowered the prices of petrol and high-speed diesel (HSD) by Rs10.20 and Rs2.33 for consumers, respectively.
After the revision, currently, the petrol price stands at Rs258.16 and High-Speed Diesel price at Rs267.89 per litre.
If the budget proposal for increasing the petroleum levy, the petrol and diesel prices in Pakistan are likely to go up accordingly.
