After approval of the finance bill 2024-2025 on June 30, the government increased the prices of petrol and diesel effective from July 1, the sources said.

Effective from July 1, the price of petrol was increased by Rs7.45 and that of high speed diesel by Rs9.56 per litre. After approval of the finance bill 2024-2025, the prices of petroleum products were increased.

Also read: Petrol price goes up by Rs7.45, diesel Rs9.56 per litre

In early June 2024, the government reduced the prices of petrol and high speed diesel by Rs10.20 and Rs2.33 respectively. After the revision, currently the price of petrol is Rs258.16 per liter and the price of high speed diesel is Rs267.89 per litre.

As per the Finance Bill 2024, the maximum rate of petroleum levy on both petrol and high speed diesel (HSD) has been fixed at Rs80 per litre. The purpose of this increase is to increase the revenue of the government and ensure fiscal stability.

The government has set a revenue target of Rs12.97 trillion for the Federal Board of Revenue (FBR) for the upcoming financial year 2024-25. Various measures are being taken to meet this target, including the increase in petroleum levy.