ISLAMABAD – As global oil prices tumbled, Pakistanis hoped for some relief. But when the government’s latest fuel announcement was made on Friday, petrol and diesel prices remained unchanged, while the petroleum levy was quietly increased instead.
The federal government opted against providing relief to consumers, instead increasing the petroleum levy on fuel products in a move that is expected to boost government revenues.
Petroleum levy on high-speed diesel has been increased by Rs6.57 per litre, taking the total levy from Rs72.97 to Rs79.54 per litre. The levy on petrol has also been raised by 39 paisas per litre, increasing from Rs66.25 to Rs66.64 per litre.
The levy on kerosene oil has been left unchanged at Rs20.36 per litre, while the levy on light diesel oil remains Rs15.84 per litre.
The decision comes even as global oil prices have witnessed a significant decline over the past few days. In the international market, the price of petrol dropped from $98.35 per barrel on June 22 to $91.68 per barrel on June 26, a decrease of $6.67 per barrel in just four days.
Similarly, the price of high-speed diesel fell from $109.09 per barrel to $104.79 per barrel during the same period, reflecting a decline of $4.30 per barrel.
The government’s decision to keep petrol and diesel prices unchanged has sparked criticism, with many consumers questioning why the benefit of falling global oil prices was not passed on.
Pakistan’s oil industry also lamented previous price, alleging that the government’s pricing decision has inflicted losses of around Rs105 billion on refineries and oil marketing companies while forcing them to absorb the cost of the fuel price cut.
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