Latest Petroleum Prices in Pakistan as of July 11, 2024

Latest Petroleum Prices in Pakistan as of July 11, 2024

As Citizens of Pakistan gear up for their daily commutes and travel plans, staying informed about the latest petroleum prices has become crucial.

Effective from July 11, 2024, the updated prices for petrol and high-speed diesel (HSD) are as follows: petrol stands at Rs 265.61 per liter, while high-speed diesel is priced at Rs 277.45 per liter. These rates will remain applicable until July 15, 2024, when the government will announce any revisions for the second half of the month.

The recent adjustment in petroleum prices was announced on June 30, 2024, marking an increase in response to the escalating trends in the global oil market. The Finance Division issued a notification confirming a rise of Rs 7.45 per liter for petrol, elevating its price from Rs 258.16 to the current Rs 265.61 per liter. Similarly, high-speed diesel saw a significant hike of Rs 9.56 per liter, setting its new price at Rs 277.45 per liter effective from July 1.

“The prices of petroleum products have seen an increasing trend in the international market during the last fortnight,” stated the official notification from the Finance Division, underscoring the global influence on local fuel prices. These adjustments mark the first since the federal budget announcement for the fiscal year 2024-25 earlier in June, wherein no changes were made to the existing taxes and duties as outlined in the budget.

However, it’s important to note that despite the budgetary provision for an increase in the petroleum development levy (PDL) by Rs 10 per liter—from Rs 60 to Rs 70—this adjustment has not been implemented immediately. Finance Minister Muhammad Aurangzeb clarified that the PDL remains unchanged in the latest review of fuel prices, ensuring stability in taxation for consumers at the pump.

For consumers, the implications of these adjustments translate into heightened costs for daily commuting and transportation. The rise in fuel prices directly impacts household budgets and operational costs for businesses reliant on transportation. It underscores the necessity for efficient planning and budget management, particularly for those engaged in logistics, commuting services, and personal vehicle usage.

Moreover, with the government’s commitment to transparency, the upcoming review on July 15, 2024, will provide further clarity on any potential adjustments for the latter half of July. This periodic review mechanism aims to align domestic fuel prices with international market fluctuations while balancing the interests of consumers and stakeholders in the energy sector.

As citizens navigate through these price adjustments, staying informed about changes in fuel costs remains essential. Whether it’s planning for daily commutes or managing business operations, keeping abreast of the latest petroleum prices ensures informed decision-making and proactive financial management.

While the current prices of petrol and high-speed diesel reflect recent market adjustments, vigilance in monitoring future updates will be pivotal for all stakeholders in Pakistan’s energy landscape. For now, consumers are advised to plan their fuel expenses accordingly, anticipating potential changes as the global oil market continues to evolve.