ISLAMABAD: After the increase in oil prices in the global market, a proposal has been made to increase the prices of petroleum products by Rs 8 in Pakistan, ARY News reported citing sources.
In the global market, the price of US crude oil rose by 3 percent in two weeks, reaching $80.25 per barrel, while London Brent oil increased by 3.17 percent to $84.50 per barrel.
Following the hike in the global market, a proposal has been made to increase the prices of petroleum products, including petrol, diesel, and high-speed diesel, by up to Rs 8 per litre.
According to the proposal, the petrol price would see an increase of Rs 8 per litre while high-speed diesel would hike by Rs 7 per litre, the sources added.
Meanwhile, the federal government also proposed to increase the petroleum levy from Rs 60 to Rs 80 per litre in the budget 2024-25.
The sources said that the increased levy will be applicable from July 1.
Previously, Pakistan slashed petrol and HSD prices due to a slump in the international market.
Since May 1, petrol prices have decreased by approximately Rs35 per litre, dropping from around Rs294 on April 30 to about Rs259.
Similarly, HSD prices have fallen by roughly Rs22 per litre, decreasing from over Rs290 in mid-April to Rs268.
However, the Finance Bill 2024 has raised the PDL limit to Rs80 per litre.
Finance Minister Muhammad Aurangzeb, however, announced on June 13 that PDL would be gradually increased depending on the pricing trend.
