In response to the surge in oil prices in the international market, the country's petrol price has been increased by Rs9.99 per liter for the next two weeks, beginning July 16.
The federal government also raised the price of high-speed diesel (HSD) from Rs277.45 to Rs283.63 per liter, an increase of Rs6.18.
The Finance Division released a notification with the most recent fuel prices determined by the Oil and Gas Regulatory Authority (Ogra) for the coming two weeks.
"The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices based on the price variations in the international market," the statement said.
In the federal budget 2024–25, the government hiked the petroleum development levy (PDL) by Rs10 per liter, from Rs60 to Rs70, adding to the burden on the inflation-hit populace.
However, the Finance Division stated that no changes have been made to the applicable charges or levies under the revised rates, which would stay at the current amount, implying that the PDL remains at Rs 60 per liter on petroleum goods.
This is the second time the government has not increased the petroleum product levy since the federal budget was passed on June 28.
Petrol is mostly used in private transportation, small cars, rickshaws, and two-wheelers, which has a significant influence on the middle and lower-middle classes' budgets.
However, a large percentage of the transportation industry is dependent on high-speed diesel. Its price is considered inflationary since it is mostly utilized in large transport vehicles, trains, and agricultural machinery such as trucks, buses, tractors, tube wells, and threshers, all of which contribute to increasing vegetable and food costs.