The federal government has raised the petrol price in the country by Rs7.45 per litre, increasing it from Rs258.16 to Rs265.61 for the next fortnight, citing an "increasing trend in the international market."
The Finance Division officially announced the new prices, determined by the Oil and Gas Regulatory Authority (Ogra) based on international market fluctuations.
According to the notification, the price of high-speed diesel (HSD) has also been increased by Rs9.56 to Rs277.45 per litre. The new fuel prices will take effect from July 1.
"The prices of petroleum products have seen an increasing trend in the international market during the last fortnight," the official notification stated.
This price adjustment is the first since the announcement of the federal budget for the fiscal year 2024-25 on June 12.
The Finance Division confirmed that there will be no change in the applicable taxes and duties, which will remain at the current levels as outlined in the Budget FY25.
The government had announced an increase in the petroleum development levy (PDL) by Rs10 per litre, from Rs60 to Rs70, in the budget, further burdening the inflation-hit masses.
However, Finance Minister Muhammad Aurangzeb clarified earlier today that the increased levy on petroleum products would not be imposed immediately, meaning the PDL remains unchanged in the latest fuel price review.
Previously, the government had provided cumulative relief of Rs35 per litre by decreasing the petrol price over the last four fortnightly reviews.