The government will announce new petrol prices on June 31, 2024, which will start from July 1. This change comes after the budget for the fiscal year 2024-25 was presented on June 12. At the same time, the new finance bill will become law.
A key part of the budget proposal is raising the maximum petroleum levy by Rs20 to Rs80 per litre. This increase is crucial for the government’s revenue. The petroleum levy brings in a lot of money, and the government wants to use it to get more help from the International Monetary Fund (IMF).
The proposed Finance Bill 2024 says this higher petroleum levy will apply to both petrol and high-speed diesel.
Earlier this month, the government cut petrol and high-speed diesel prices by Rs10.20 and Rs2.33 per litre, respectively. Now, petrol costs Rs258.16 per litre, and high-speed diesel costs Rs267.89 per litre.
Petrol and diesel prices in Pakistan are expected to go up because of the higher petroleum levy. This could affect consumers a lot, as they will have to pay the new levy rates.
The government wants the Federal Board of Revenue (FBR) to get Rs12.97 trillion in the next fiscal year. Raising the petroleum levy is one way to reach this goal.
In the new fiscal year starting July 1, 2024, people in Pakistan might have to pay more for petrol and diesel. The government wants more money from the higher petroleum levy to meet its goals and get international help.
To read our blog on “Govt. plans to give big relief on petrol prices before Eid,” click here
