The federal government is expected to increase the price of petrol by Rs 7.54 per litre and high-speed diesel by Rs 9.84 per litre for the first 15 days of July.
The price hike comes after four consecutive fortnightly price cuts, with the most recent being a reduction of Rs 10.20 per litre for petrol and Rs 2.33 per litre for high-speed diesel earlier this month.
The government has decided to raise the maximum petroleum levy to Rs 80 from the previous Rs 60, implementing the increase in different phases.
If the government adds a Rs 5 per litre petroleum levy starting July 1, petrol prices could increase by Rs 12.54 per litre, and diesel prices could go up by Rs 14.84 per litre.
The price hike is expected to have a significant impact on consumers across the country, with market analysts predicting that the increase in the petroleum levy will directly translate to higher fuel costs for consumers.
The expected surge in fuel prices comes at a time when the public is already grappling with inflationary pressures, and this development is likely to exacerbate the economic burden on households and businesses alike.
