The federal government of Pakistan has announced a major increase in the prices of petroleum products.
According to the notification issued by the Ministry of Finance between Monday and Tuesday, the price of petrol per liter has been increased by Rs 9.99 paise, while the price of diesel has been increased by Rs 6.18 paise per liter.
The new prices will be applicable from July 16.
After the recent increase, the new price of petrol will be Rs 275 60 paise per liter and the price of high speed diesel will be Rs 283 63 paise per litre.
In the Finance Bill, the federal government has raised the ceiling of the Petroleum Development Levy to Rs 70 per liter to raise Rs 1.28 trillion in the current financial year, regarding Rs 91 billion from last year’s budget of Rs 960 billion. Rs are high.
Import premiums on both petrol and HSD remained unchanged at $9.60 and $6.50 per barrel during the current fortnight.
On the other hand, the rupee has depreciated by around 17 paisa once morest the dollar during the fortnight.
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The government currently levies a tax of around Rs 77 per liter on both petrol and HSD.
Although the general sales tax on all petroleum products is zero, the government levies a PDL of Rs 60 per liter on both products, affecting the general public.
The government is also charging a custom duty of around Rs 17 per liter of petrol and HSD.
Petroleum and electricity prices have been the main drivers of high inflation.
Petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers.
On the other hand, an increase in the price of diesel is considered highly inflationary as it is mostly used in heavy transport vehicles and increases the prices of vegetables and other food items in particular.
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2024-07-17 08:18:49
