Sunday, July 14, 2024

Petrol Price Expected to Increase by Rs. 7 from 1st July

Petrol prices in Pakistan are set to increase by Rs7 per litre and high-speed diesel (HSD) by Rs8 per litre starting July 1, due to rising international market rates. This price hike comes after four consecutive price cuts, and there might be further increases if the Petroleum Development Levy (PDL) is raised to Rs80 per litre.

Since May, petrol prices had dropped by Rs35 per litre, providing some relief to consumers. However, the recent rise in global oil prices has led to this new adjustment. Finance Minister Muhammad Aurangzeb confirmed that there could be gradual increases in the PDL based on ongoing market trends.

The increase in fuel prices is expected to have a significant impact on the daily expenses of citizens and the overall economic stability of the country. Higher fuel costs can affect transportation costs, leading to increased prices for goods and services. Many people are concerned about how these changes will affect their household budgets and overall cost of living.

The government is monitoring the situation and may implement further adjustments based on international market conditions. As citizens brace for these changes, the fluctuating fuel costs remain a critical issue affecting Pakistan’s economy.

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