Pakistan’s federal government has approved a hike in the prices of petrol and diesel, which came into effect on Monday, 15th April.
The price of petrol has been increased by Rs.4.53 per liter, while the price of diesel has been increased by Rs.8.14 per liter for the next fortnight. With this increase, petrol will be available at Rs.293.94 per liter, while High-Speed Diesel will be sold at Rs.290.38 per liter.
The decision to increase the prices of fuel comes after the International Monetary Fund (IMF) demanded Pakistan to implement an 18% General Sales Tax (GST) on petrol. The IMF has also asked Pakistan to end sales tax relaxation on all items, including petrol and implement a sales tax on petroleum products along with a Rs.60 levy to increase the tax income.
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The newly elected government of Pakistan has been facing a mounting economic crisis and this move to increase fuel prices is likely to generate revenue for the country. The government has stated that the price hike is necessary to maintain the provision of essential services to the people.
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