ISLAMABAD – The prices of petrol and diesel are likely to move up for the first half of April 2024 due to hike in international prices.
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Reports in local media said Sharif-led government will raise petrol prices by up to Rs10 per litre from April 1, 2024, and the move will further impact the cost of living for masses.
The hike is said to be due to surge in the premium on petrol from $12.15 per barrel to $13.507 per barrel. With the expected hike, the petrol price is set to increase from Rs279.75 to Rs289.75 per litre.
Meanwhile, there is slight decrease of Rs1.30 per litre in the price of high-speed diesel (HSD), as the premium on HSD remains at $6.50 per barrel.
Kerosene oil and light diesel oil prices are expected to remain unchanged at Rs188.66/litre and Rs168.18/litre, respectively.
This increase in petroleum product prices is expected to happen without the proposed 18pc GST. However, if GST is applied, prices could increase by an additional Rs50/litre on petrol. Currently, the government imposes a petroleum levy of Rs60/litre, which is 21.4% of the current petrol price.
Government officials cleared that there are currently no plans to impose sales tax on petroleum, but estimated revenue from an 18% sales tax on petroleum products could range between Rs21 billion to 25 billion per month.
