In a development sure to rattle wallets across Pakistan, petrol prices are poised to skyrocket once again, marking a new record high in the upcoming price revision. With sources indicating an imminent increase of Rs.9.50, the cost of petrol is set to surge to Rs.289.25 from its current rate of Rs.279.75.
The surge isn’t limited to petrol alone; diesel prices are also predicted to witness an uptick of Rs.0.86, reaching Rs.285.56 from the previous rate of Rs.287.33.
Petrol prices to surge in Pakistan!
Behind this staggering hike lies the shadow of international financial pressure, with the IMF reportedly pressing Pakistan to reintroduce an 18% general sales tax (GST) on petrol. This demand comes as a condition for the disbursement of the final tranche of its bailout package.
Furthermore, the government’s efforts to balance the petroleum levy from Rs.60 to Rs.100 adds another layer of complexity to the situation. This levy has seen successive adjustments in recent years, reflecting a trend towards increasing consumer financial burdens.
Also read: Amid Rising Petrol Prices, “Made In Pakistan” E-Motorbikes To Cut Down Fuel Costs By 70%
Currently, the government is levying approximately Rs.82 per liter tax on both petrol and diesel, maneuvering within the intricate economic dynamics of global oil prices and domestic requirements.
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