By Staff Reporter
ISLAMABAD: Pakistan increased petrol prices by Rs9.99 to Rs275.60 per liter, effective Tuesday, the finance ministry announced on social media platform X.
High-speed diesel prices also rose by Rs6.18 to Rs283.63 per liter.
The price hike is attributed to “price variations in the international market”. “There will be no change in the applicable duties/levies, which will remain at the existing level,” the ministry said in a statement.
The government aims to collect Rs1.28 trillion in petroleum development levy (PDL) in the current fiscal year, a significant increase from the previous year’s collection.
The latest move comes as Pakistan secured a $7 billion, 37-month loan program from the International Monetary Fund (IMF), conditional on implementing reforms, including maintaining power and gas tariffs at cost-recovery levels.
Fuel prices have been a key driver of the country’s high inflation, averaging 30 percent in FY23 and 23.4 percent in FY24. The price increase is expected to have a ripple effect on the economy, particularly on transportation and food prices.
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