The federal government plans to reduce petrol prices for the first two weeks of July 2023 in order to provide assistance to users.
According to media estimates, petrol prices are expected to fall by up to Rs6.50 per litre beginning next month, but high-speed diesel prices may rise by Rs13.84 per litre.
People will take on the financial burden of increasing food prices as fuel prices directly affect the transportation and agriculture industries, and any spike would further stress inflation-weary citizens who are already paying record prices.
Meanwhile, the government has not issued a statement since the Finance Minister and his team are waiting for the Prime Minister’s emphasis on the new petrol prices. According to sources, the proposed changes in fuel prices are based on existing rates of petroleum levy and general sales tax (GST).
If the new revisions are approved by the government, petrol prices will fall to Rs255 per litre, but diesel prices will rise to Rs266.84 per litre.
Furthermore, kerosene and light diesel oil (LDO) costs are projected to rise marginally.
Earlier this month, the price of petrol stayed steady despite global currency rates.