In another jolt for inflation-hit masses, Prime Minister Shehbaz Sharif-led federal government on Sunday increased petrol price by Rs7.45 and diesel price by Rs9.56 per litre.

The Ministry of Finance in an issued notification stated that " The prices of Petroleum products have seen an increasing trend in the international market during the last fortnight.

It added that The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market.

There will be no change in the applicable taxes & duties, which will remain at the existing level. The prices of Motor Spirit & HSD for the next fortnight, starting from 01st July, 2024.

Earlier on June 15, the government announced a reduction in petroleum prices as a special gift to the public for Eid-ul-Adha.

Following the reduction the new petrol was priced at Rs258.16 per litre, while HSD stands at Rs267.89 per litre.

Petroleum development levy

Earlier today, Finance Minister Muhammad Aurangzeb clarified that the Petroleum Development Levy (PDL) is not increasing at present, and the current rate of 70 rupees PDL will not be applicable.

The FinMin's press conference highlighted the government's commitment to economic stability and transparency through ongoing reforms and initiatives.

The measures outlined aim to foster investor confidence, curb corruption, and ensure sustainable growth for Pakistan's economy.