Pakistan raises petroleum prices by up to Rs9.99 per litre

The Pakistan government has raised the prices of petrol and high-speed diesel by Rs9.99 and Rs6.18, respectively, for the next fortnight.

The new price of petrol is Rs275.6 per litre while that of diesel is Rs283.63 per litre, respectively.

This is the second consecutive fortnight that prices have gone up.

The government attributed the increase to price variations in the international market.

While the rupee has remained stable against the US dollar in the domestic foreign exchange market, the crude oil value has risen internationally.

The government said there would be no increase in the petroleum development levy or duties.

Pakistanis pay a levy of Rs60 per litre on petrol and diesel along with a 10% customs duty, taking the total to nearly Rs27 per litre.

The levy will be increased to Rs70 per litre during the current fiscal year.

The government has set a petroleum development levy target of Rs 1.281 trillion in the current fiscal year. Last year, the estimated levy collection stood at Rs990 billion.