Petrol price hike: PDL increased to Rs60 per litre

• Petrol, diesel increased by Rs14.91, Rs18.44 per litre, respectively. 
• Rs50 per litre levy is being charged on diesel. 
• Govt can charge maximum of Rs60 PDL on POL products.

ISLAMABAD: In line with the agreement signed with the International Monetary Fund (IMF), the caretaker government has jacked up the petroleum development levy on petrol to the maximum limit of Rs60 per litre.

On Thursday, the Finance Division announced an increase in the price of petrol by Rs14.91 per litre and high-speed diesel (HSD) by Rs18.44 per litre.

The increase brings the price of petrol to Rs305.36 per litre and HSD to Rs311.84 per litre — the highest in the country’s history.

Pakistan has agreed to hike the PDL to Rs60 on petrol and diesel and the same was approved by the National Assembly through the Finance Bill 2023 in June.

According to sources, currently, the Rs50 per litre levy is being charged on diesel while on petrol it was increased by Rs5 in the latest review of POL prices.

The government can charge a maximum of Rs60 PDL on POL products under the IMF deal and the parliament’s approval is needed in case of further rise in this duty.

In its notification posted on X, the finance ministry stated that the increase in fuel prices was due to the “increasing trend of petroleum prices in the international market and exchange rate variations”.

On August 1, the government had raised the price of petrol by Rs19.95/litre and of high-speed diesel by Rs19.90 per litre. On August 16, the price of petrol and diesel were raised by Rs17.50 per litre and Rs20 per litre respectively.