Islamabad (HRNW): In a significant fiscal move ahead of the upcoming annual budget, the Government of Pakistan has implemented a major restructuring of the petroleum levy rates. The development sets a record-high levy on petrol while significantly slashing the rate on high-speed diesel.
Record Increase on Petrol Levy
According to official notifications, the petroleum levy on petrol has been increased by Rs. 24.74 per liter. Following this sharp upward revision, the levy on petrol has reached an unprecedented record level of Rs. 116.08 per liter. Financial experts fear that this steep hike will immediately translate into a fresh wave of inflation, placing a heavy financial burden on daily commuters, motorcycle owners, and private vehicle users.
Relief Slashed for High-Speed Diesel
In stark contrast to the petrol price hike, the government has substantially reduced the petroleum levy on High-Speed Diesel (HSD) by Rs. 24.34 per liter. With this reduction, the levy on high-speed diesel has plummeted down to Rs. 44.59 per liter. Government sources state that this strategic reduction is aimed at providing operational relief to the public transport sector, agricultural machinery, and the commercial logistics/goods transport industry.
Economic Insights
Economic analysts note that this sudden and aggressive adjustment in the levy structure is a calculated move by the state to balance the overall national tax framework and boost non-tax revenue collection. However, experts warn that the escalating levy on petrol will directly squeeze the purchasing power of middle-class consumers and drive up the overall cost of living.
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