ISLAMABAD (HRNW) After the increase in oil prices in the global market, a proposal has been made to increase the prices of petroleum products by Rs 8 in Pakistan, media reported citing sources.
In the global market, the price of US crude oil rose by 3 percent in two weeks, reaching $80.25 per barrel, while London Brent oil increased by 3.17 percent to $84.50 per barrel.
Following the hike in the global market, a proposal has been made to increase the prices of petroleum products, including petrol, diesel, and high-speed diesel, by up to Rs 8 per litre.
According to the proposal, the petrol price would see an increase of Rs 8 per litre while high-speed diesel would hike by Rs 7 per litre, the sources added.
Meanwhile, the federal government also proposed to increase the petroleum levy from Rs 60 to Rs 80 per litre in the budget 2024-25.
The sources said that the increased levy will be applicable from July 1.