Skyrocketing Fuel Prices: A Blow to Consumers in Pakistan
In an unpleasant turn of events, the citizens of Pakistan have been greeted with a substantial surge in petrol prices. The recent hike, amounting to Rs7.45 per litre, has propelled the cost from Rs258.16 to Rs265.61 for the upcoming fortnight. This unwelcome change comes as a response to the tumultuous shifts in global oil rates, as officially announced by the Finance Division on a fateful Sunday.
The announcement, testament to the ever-volatile nature of the international market, reveals that the Oil and Gas Regulatory Authority (Ogra) meticulously factored in the price oscillations prevalent on the global stage to calculate the revised prices.
Unsurprisingly, the uptick in petrol prices isn’t an isolated incident, as the cost of high-speed diesel (HSD) has also experienced a significant upswing. The price for HSD has surged by a staggering Rs9.56, landing at a substantial Rs277.45 per litre. These revised fuel prices are slated to take effect from July 1, marking a pivotal moment for consumers across Pakistan.
The official notification poignantly highlights the escalating trajectory of petroleum product prices in the global marketplace over the last two weeks. Such revelations pave the way for augmented economic strain and financial pressures on the populace.
What’s particularly noteworthy is that these adjustments in fuel prices mark the first of their kind post the unveiling of the federal budget for the fiscal year 2024-25 on June 12. Notably, the Finance Division has explicitly stated that there will be no alterations made to the applicable taxes and duties; they will steadfastly persist at the existing level as initially communicated by the government in the Budget FY25.
Moreover, a pertinent issue that has drawn attention is the recent increase in the petroleum development levy (PDL) by Rs10 per litre in the budget. This soared the PDL from Rs60 to Rs70, fostering heightened fiscal strain on a populace already grappling with inflation.
However, in a glimmer of hope for the masses, Finance Minister Muhammad Aurangzeb affirmed earlier today that the augmented levy on petroleum products won’t be immediately levied. Consequently, the PDL remains unaltered in the latest review of fuel prices.
As the government maneuvers through these tumultuous economic times, it must be noted that this current surge in fuel prices follows a sequence of four fortnightly reviews wherein the government benevolently alleviated the public burden by slicing the petrol price by a cumulative Rs35 per litre.
