Ishaq Dar, the finance minister, stated on Friday that while fuel prices will not change over the next two weeks, diesel prices would.
“There has been no increase in the price of petrol,” said Finance Minister Dar in a late-night press conference. However, he added that the diesel price has been increased by Rs7.50 per litre.
The finance czar also shared that the new price of diesel will come in effect from 12:00am on July 1.
Considering the government’s announcement the new prices are shown below:
|Product||Existing prices w.e.f 30.06.2023||New prices w.e.f 01.07.2023||Change|
The News previously reported that the Petroleum Development Levy (PDL) on gasoline and diesel is anticipated to increase by Rs5 starting on July 1.
The government was reportedly considering raising the petroleum tax from Rs. 50 to Rs. 55 per liter of gasoline and diesel.
Starting with the beginning of the following fiscal year, the government will have to increase the PDL.
The Petroleum Products (Petroleum Levy) Ordinance, 1961 (XXV of 1961), which gives it the authority to increase the petroleum levy, was amended by the government through the Finance Act 2023-24.
In the past, the parliament had to approve setting the petroleum levy cap.
In contrast to the revised target of Rs542 billion for the current fiscal year 2022–23 ending on June 30, the Ministry of Finance has now informed the Senate Standing Committee on Finance that the petroleum development levy was calculated at Rs60 per litre for achieving its target of Rs879 billion in the next fiscal year.