Petrol prices in Pakistan may decrease further from June 16 due to the decline in global oil prices. The federal government is set to revise petrol prices on June 15, with the new rates taking effect from June 16.

Previously, on April 16, the PML-N government had lowered the price of petrol by Rs 24 per liter and diesel by Rs 20 per liter. Starting June 16, petrol prices are expected to drop by Rs 9 per liter and high-speed diesel (HSD) prices by Rs 4 per liter.

Proposal to increase levy on petrol, diesel

The Muslim League (N)-led federal government proposed a significant increase in petroleum levy on petroleum products.

While presenting the federal budget for the financial year 2024-25, Federal Finance Minister and Revenue Senator Muhammad Aurangzeb announced that the government proposed a 33 percent increase in petrol and diesel prices.

Additionally, the proposal includes a 50 percent increase in the levy on high-octane, light diesel, and ethanol. If approved, these fuels will be charged Rs 50 per litre.