Govt likely to increase POL prices from July 16

Islamabad:  The federal government is likely to increase petroleum prices for the next fortnight beginning July 16, which is anticipated to further drive up inflation, sources revealed on Monday.

Petrol prices are expected to rise by Rs7.67 per litre, high-speed diesel (HSD) by Rs3.72 per litre, and kerosene oil by Rs2.39 per litre.

If implemented, the proposed increase would raise petrol prices from Rs 265.61 to Rs 273.28 per litre. High-speed diesel would see an increase from Rs 277.45 to Rs 281.17 per litre, and kerosene oil would go up by Rs 2.39 per litre.

The Ministry of Finance is anticipated to make an official announcement after consulting with Prime Minister Shehbaz Sharif. This price hike is expected to place an additional burden on consumers already struggling with rising living costs.

Additionally, sources indicate that the government may also raise the petroleum levy by Rs 5 per litre.

Earlier, on July 1, the federal government had already increased petrol prices by Rs 7.45 per litre. According to a notification from the Finance Division, petrol was set at Rs 265.61 per litre, up from the previous Rs 258.16 per litre.

 Similarly, high-speed diesel was adjusted to Rs 277.45 per litre, an increase of Rs 9.56 from the previous rate of Rs 267.89 per litre.