Pakistanis may soon face another increase in petrol and diesel prices as rising global crude oil prices continue to push up fuel costs. According to official sources, the federal government is expected to revise petroleum prices upward, with the final decision likely to be announced after approval from Prime Minister Shehbaz Sharif.
Sources indicate that the petrol price could increase by Rs13 per litre, while high speed diesel may become Rs14 per litre more expensive. The Petroleum Division is expected to issue an official notification once the prime minister approves the revised rates. If approved, the new prices will take effect immediately.
The expected increase comes only days after the government announced a Rs1.97 per litre reduction in both petrol and high speed diesel prices on July 4. Following that adjustment, petrol was priced at Rs297.53 per litre, while high speed diesel was reduced to Rs309.50 per litre, providing temporary relief to consumers.
Earlier, the government also revised the carbon tax on petroleum products. The tax on petrol and diesel was increased from Rs2.5 to Rs5 per litre, while the petroleum levy was adjusted to offset part of the financial impact. Similar carbon tax rates were also introduced for High Octane and Furnace Oil, with experts suggesting that the full effect would become visible during the next fuel price revision.
Meanwhile, the federal government has established the Petroleum Prices Stabilisation Fund (PPSF) to reduce the impact of sharp fluctuations in petroleum prices. The Ministry of Finance issued a formal notification after receiving federal cabinet approval. Under the new framework, all proceeds collected through the fund will be deposited into the Public Account of the Federation under the Special Deposit Fund.
Consumers and businesses are closely monitoring the government’s final decision, as another increase in fuel prices could raise transportation costs, inflation, and the prices of essential goods across the country.
