Petrol prices in Pakistan are anticipated to decrease further starting June 16, following a drop in international oil prices due to the ongoing Middle East crisis. The federal government will revise the petrol prices on June 15, with the new rates becoming effective the next day.

Since April 16, the coalition government, led by the Pakistan Muslim League-Nawaz (PML-N), has been steadily lowering petrol and diesel prices. Petrol prices have been reduced by Rs24 per litre, while diesel prices have seen a Rs20 per litre cut.

Current Petrol Prices in Pakistan

On May 31, the government lowered the petrol price by Rs4.74 per litre and the diesel price by Rs3.68. Currently, petrol costs Rs 268.36 per litre, and diesel costs Rs 273.10 per litre until June 15.

Expected New Petrol Prices from June 16

From June 16, petrol prices are anticipated to drop by Rs12, bringing the price down to Rs256.36 per litre.

Budget 2024–25 and Petroleum Levy Increase

On June 12, the government unveiled the Budget 2024-25, which has a total outlay of Rs 18.9 trillion. The budget includes a proposal to increase the levy on petrol and diesel from Rs 60 to Rs 80 per litre. It also recommends a 50 percent hike in the levy on high-octane, light diesel, and ethanol, setting the levy at Rs 50 per litre for these fuels.

Additionally, the finance minister mentioned a proposed 18 percent sales tax on various categories of mobile phones. If these proposals are approved, petroleum prices are expected to increase from July 2024.

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