MS petrol and High-Speed Diesel (HSD) prices are expected to rise sharply on the last day of the current fiscal year.
The federal government is expected to hike the price of petrol and diesel by Rs. 7 per liter and Rs. 10.5 per liter each on June 30, 2024.
The government has proposed an increase in the petroleum development levy (PDL) on petrol and high-speed diesel to Rs. 80 per liter in Finance Bill 2024.
The increase in PDL will not be immediately implemented from 1st July 2024 but in phases, however, further relief based on market trends could be ruled next fiscal year as a result of this.
The expected surge due to trends observed in the current fortnight coupled with the impact of the new taxes is expected to push MS rates to Rs. 265.16 per liter, while diesel could jump to 277.89 from the current rate of Rs. 267.89 per liter.
It bears mentioning that the Pakistani Rupee has remained stable at 278/$ during the current fortnight.
