Petroleum Prices to Hike Again in Pakistan Amidst IMF Demand

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.

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.

Zayn

Zain is a dynamic business student with a passion for technology that goes beyond the classroom. When he's not immersed in his studies, Zain can be found playing with the latest gadgets, fueled by a genuine curiosity for emerging tech trends. His love for technology extends to his avid reading habits, where he stays updated on the latest advancements and breakthroughs in the tech world. Despite his academic focus, Zain is also an outdoor enthusiast, always ready for an adventure. With several years of experience in writing news, Zain brings a unique blend of business acumen, tech-savviness, and journalistic expertise to any discussion or project.