Tuesday, July 23, 2024
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Expected to Rise by Rs.7 on July 1st is the Price of Petrol

Due to increase in global market prices, Petrol Price in Pakistan are expected to increase by Rs 7 per liter and high speed diesel (HSD) prices by Rs 8 per liter from July 1. After four consecutive price cuts, prices may increase further, and if the Petroleum Development Levy (PDL) is raised to Rs 80 per litre, prices may rise further.

Consumers have got some relief as petrol prices have come down by Rs 35 per liter since May. But this new adjustment is a result of the recent increase in global oil prices. According to Finance Minister Muhammad Aurangzeb, the PDL may increase gradually according to the current market conditions.

The overall economic stability of the country and the daily expenditure of individuals are predicted to be significantly affected by the increase in fuel prices. Increased fuel costs can affect transportation costs, which in turn increase the costs of products and services. The impact of these changes on household finances and general living expenses worries many people.

The government is monitoring the issue and may make further changes in response to global market developments. Fuel prices are a major issue affecting Pakistan’s economy even as its people prepare for these changes.

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