Pakistan: No change in petrol prices, diesel prices increased by Rs 7.50 for next fortnight

Islamabad [Pakistan], July 1 : Pakistan Finance Minister Ishaq Dar on Friday announced that petrol prices will remain the same but diesel prices have been increased by Rs 7.50 for the next fortnight, Geo News reported.

Geo News is a Pakistani news channel owned by the Jang Media Group.

Dar in a late-night press conference said: "There has been no increase in the price of petrol." He, however, added that the diesel price has been increased by Rs 7.50 per litre.

Earlier, The News International had reported a Rs 5 hike is expected in the Petroleum Development Levy (PDL) on petrol and diesel with effect from July 1.

As per the report, the government was mulling jacking up the petroleum levy from Rs 50 to Rs 55 per litre of petrol and diesel.

Meanwhile, Geo News has reported that Pakistan is reeling from one of its worst economic and political crises which has impacted the masses. This comes despite constant efforts of the coalition government to tackle the same.

Geo News is a Pakistani news channel.

Pakistan's Ministry of Finance has warned of challenges originating from uncertain external and domestic economic environments, including higher inflation and external debt repayments, due to lesser foreign exchange inflows, according to Geo News.

The ministry, in its monthly outlook bulletin, projected that the inflation for the month of May will remain in the range of 34-36 per cent.

"Pakistan's economy experienced 0.29 per cent provisional GDP growth in the fiscal year 2022-23 on account of many challenges emanating from the uncertain external and domestic economic environment," the ministry said.