ISLAMABAD – Petrol prices in Pakistan are likely dip further from June 16 as international oil rates have witnessed declined amid Middle East crisis.

The federal government will revise the petrol prices on June 15 with new prices coming into effect from June 16.

Since April 16, the PML-N led coalition government has decreased the petrol price by Rs24 per litre and diesel price by Rs20 per litre.

Current Petrol Prices in Pakistan

On May 31, the government slashed petrol price by Rs4.74 per litre and diesel price by RS 3.68. Currently the petrol price stands at Rs268.36 per litre while diesel price at Rs273.10 till June 15.

Expected New Petrol Price in Pakistan from June 16

The petrol price is likely to plunge by Rs12 to Rs256.36 per litre, starting from June 16 in Pakistan.

Commodity	Expected Price per litre
Petrol	Rs256.36

Budget 2024-25 Proposes Increase in Petroleum Levy

On June 12, the government presented the Budget 2024-25 with total outlay of Rs18.9 trillion. The government recommended to the National Assembly an increase in the levy on petrol and diesel, from Rs60 to Rs80 per litre.

Likewise, the proposal seeks a 50 percent surge in the levy on high-octane, light diesel, and ethanol. Upon approval, Rs50 would be imposed per litre on high-octane, light diesel, and ethanol.

The finance minister elaborated that the government has also proposed an 18 percent sales tax on various categories of mobile phones.

If the proposal is approved, the petroleum prices are expected to move up from July 2024.