The Petrol Prices in Pakistan are likely to increase from start of July. Government plans to charge petroleum levy on POL products with effect from 1st July 2022 in order to reinstate the International Monetary Fund (IMF) loan programme.
Plan is to gradually impose a petroleum levy of Rs. 50 per litre on POL products, which will lead to a massive increase in the Petrol Prices in Pakistan.
According to media reports, the federal government will impose a petroleum levy of Rs. 10 per litre from July and it will be increased by Rs. 5 per litre from August onwards until it reaches at Rs. 50 per litre by March 2023.
This increase in the prices of petroleum products will cause increase of further inflation in the country. It is important to mention here that Petrol Prices in Pakistan have already increased a lot in recent months.
Current Petrol Prices in Pakistan
|PRODUCT||CURRENT PRICE (PKR)|
|High Speed Diesel (HSD)||263.31|
|Light Diesel Oil (LDO)||207.47|
There is also a possibility of imposition of 17% General Sales Tax (GST) on petroleum products from July.
There is also a news that GST collection may end up being suspended if prices of crude oil in the international market go up in order to avoid further burden on the public.