Islamabad, July 5, 2023 – The government of Pakistan has announced the updated petroleum prices, effective from July 5, 2023, until July 15, 2023. These prices will remain in effect unless there are earlier revisions. The petroleum prices in Pakistan as of July 5, 2023, are as follows:
Petrol: Rs 262 per liter
High-Speed Diesel: Rs 260.50 per liter
Kerosene: Rs 164.07 per liter
Light Diesel Oil: Rs 147.68 per liter
The government of Pakistan regularly revises petroleum prices every fortnight, aiming to strike a balance between revenue generation and consumer affordability.
In the most recent update made on July 1, 2023, the government decided to increase the rate of high-speed diesel by Rs7.50, resulting in a new price of Rs 260.50 per liter. This adjustment reflects the ongoing efforts to manage the economic landscape while considering the needs of the nation.
One of the significant contributors to the recent price hike is the implementation of the petroleum levy. In the previous fiscal year, the government raised the levy to Rs 50 per liter for both petrol and high-speed diesel. Starting from July 1, 2023, the levy has been further increased to Rs 60 per liter for the current fiscal year.
It’s worth noting that if the government had not increased the levy on petrol, there would have been room for a potential reduction in petrol prices until July 15, 2023. However, with the new levy rate of Rs 55, the reduction has become unlikely.
Despite hopes among the people of Pakistan for a decrease in petroleum prices due to the arrival of cheaper Russian oil, such expectations remain unfulfilled at present. The citizens are left grappling with the existing prices.
The decisions made by the government regarding petroleum prices will significantly impact the cost of living and the overall economic conditions in the country. As Pakistan continues to navigate its economic landscape, citizens and industry stakeholders will closely monitor any future revisions to petroleum prices, recognizing their pivotal role in shaping the nation’s financial landscape.
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