Business Desk
The Business Desk tracks economic trends, market movements, and business developments, offering analysis of both local and global financial news.
The federal government has increased the price of petrol by PKR 1 per liter, bringing it to PKR 253.63, while keeping the price of high-speed diesel unchanged at PKR 254.64, effective June 1, according to a notification issued by the Finance Ministry.
The decision comes despite market expectations of a price cut. Estimates from refineries and oil companies had projected a reduction of PKR 1.34 per liter in petrol and PKR 0.84 per liter in diesel, based on global oil price trends and import costs.
Officials say the move is linked to the government’s efforts to boost revenue through the Petroleum Development Levy (PDL). For the current fiscal year, the government set a PDL collection target of PKR 1,280 billion, but sources indicate it may fall short by around PKR 100 billion.
The shortfall could have been even higher if the government had not raised the levy in March. The government is expected to set a higher target -- likely exceeding PKR 1,300 billion -- for the next fiscal year, starting July 1.
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