ISLAMABAD – The federal government is likely to increase the price of petrol by Rs20 per litre for the first half of July 2023 as the finance team is making all-out efforts to salvage IMF bailout funds.
The increase in fuel price was expected as the government jacked up petroleum levy by Rs 10 per litre to Rs 60 per litre as the maximum allowed under the tweaked rules.
The current price of petrol stands at Rs262 which is expected to go up to Rs282 per litre, affecting prices of other food items.
As inflation-weary people are facing the brunt of record prices, the government’s key concern was to create enough fiscal space that would convince IMF to release halted funds.
Earlier this month, petrol prices were kept unchanged for the next fortnight as the government decided to maintain prices of all petroleum products, including Petrol, High-Speed Diesel (HSD), and Light Diesel Oil (LDO).
On the other hand, people are expecting a big cut in the price of petrol after the arrival of Russian crude oil. Nearly 100,000 metric tonnes of crude oil has been transported from Port Qasim to Pakistan Refinery Limited as Pakistan placed its first order about two months back after signing a deal with Russia.
Meanwhile, Minister of State for Petroleum Musadik Malik said the import of oil from Russia would not result in quick drop in petrol prices, but a gradual decline would be seen in the coming months.
