Sources suggest that Pakistan is gearing up for yet another increase in petroleum prices, with petrol expected to surge by Rs9.5 per liter from April 1.
This hike could push the new price of petrol to range from Rs279.75 to Rs289.25. Additionally, the government is contemplating raising the petroleum levy from Rs60 to Rs100 per liter to meet IMF demands.
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The proposal includes imposing General Sales Tax (GST) on petroleum, aiming to restore the standard 18% rate as demanded by the IMF.
Currently, petrol and diesel carry a levy of Rs60 per liter, generating an estimated revenue of Rs950 billion annually. Amidst global oil price fluctuations, the government has maintained the price of petrol but reduced the price of high-speed diesel by Rs1.77 per liter on March 15.
While the Ministry of Finance regularly reviews petroleum prices to align with international market trends, sources indicate potential reductions in the prices of light diesel oil and kerosene as well.