The government has announced another hike in petrol price, taking the cumulative amount of all hikes since May 26 up to Rs. 132 per litre.
The prices of petrol in Pakistan have again risen by PKR (Pakistani rupee) 14.84 per litre, a fourth time within a month
The price of high-speed diesel has also been increased by PKR 13.23 per litre and the new price has been fixed at PKR 276.54 per litre.
As per the notification, Rs. 10 petroleum levy has been applied on petrol and Rs. 5 each on all other products.
“In view of the fluctuations in petroleum prices in the international market and the exchange rate variation, the government has decided to apply a petroleum levy partially and revise the existing prices of petroleum products as agreed with the development partners,” the Finance Division said in a statement.
It is pertinent to mention here that the federal government has set a target to collect Rs. 750 billion on account of the petroleum development levy (PDL) in the fiscal year 2022-23 (FY23).
The government has agreed with the International Monetary Fund (IMF) on a schedule to increase the prices of petroleum products by imposing a 17 percent general sales tax (GST) and PDL of Rs. 50 per litre during FY23.
The government and IMF have agreed on a schedule to impose GST and PDL on petroleum products from 1st July 2022 to June 2023 for the revival of the stalled loan program.
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