The Federal government is preparing to raise petrol prices effective July 1st, alongside implementing new financial policies outlined in the budget for the upcoming fiscal year 2024-25.
They plan to adjust petrol prices on June 31st, marking the first change since presenting the budget on June 12th. As part of the budget, the government proposes increasing the maximum petroleum levy from Rs60 to Rs80 per liter, aiming to boost revenue crucial for securing an IMF bailout package.
Petroleum levy is a key income source for the government, supporting its revenue target of Rs12.97 trillion for the Federal Board of Revenue in the next fiscal year.
Earlier this month, the government reduced petrol and high-speed diesel prices for consumers. Currently, petrol costs Rs258.16 per liter and high-speed diesel Rs267.89 per liter. However, with the proposed levy increase, prices are expected to rise from July 1st onward.
