Government fuel price increase: The federal government of Pakistan has recently made a significant decision regarding the prices of petroleum products. In response to global fluctuations in fuel prices, the government has raised the prices of both petrol and diesel. Let’s explore the details:
Key Points
Petrol Price Increase:
- The price of MS petrol has been raised by Rs. 7.45 per liter, bringing it to Rs. 265.61.
- This increase follows a previous reduction of Rs. 10.20 per liter in the last fortnightly review.
- Additionally, the government currently collects a petroleum levy of Rs. 60 per liter, which is expected to gradually rise to Rs. 70 per liter in the next fiscal year.
High-Speed Diesel (HSD) Price Hike:
- The price of high-speed diesel has seen an increase of Rs. 9.56 per liter, reaching Rs. 277.45.
- In the previous review, high-speed diesel was reduced by Rs. 2.33 per liter.
Stable Exchange Rate:
- During the current fortnight, the Pakistani Rupee remains stable at 278 PKR per US dollar.
The government is presently levying Rs. 60 per liter as petroleum levy, the legal maximum, on both petrol and high-speed diesel. This levy will incrementally rise to Rs. 70 per liter in the next fiscal year, as stipulated by the Rs. 10 per liter increase authorized in the Finance Bill 2024.
Government fuel price increase: These adjustments in fuel prices have implications for consumers, businesses, and the overall economy. As petrol and diesel are essential commodities, any changes directly affect transportation costs, inflation rates, and household budgets. It’s crucial for citizens to stay informed about these developments and adapt accordingly.
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