Petroleum Prices In Pakistan

Petrol Prices To Increase Again In Pakistan?

Pakistani Finance Minister Muhammad Aurangzeb has agreed to raise the tax on petroleum products. This has raised concerns among customers, economists, and the car industry. The new regulation will have an influence on petrol costs and people’s daily lives. Are petrol prices going to increase again in Pakistan? Let’s find out.

In addition, increasing the fee from Rs 60 to Rs 80 will greatly boost federal revenue. With it, there is a significant increase in petrol prices. The federal government increased its budget revenue to Rs 321 billion in order to meet its total revenue target of Rs 1.821 trillion for the current fiscal year, up from the prior projection of Rs 960 billion.

Following the news, petrol prices in Pakistan are projected to rise even further. However, this article will delve into a few major topics. It discusses how petrol prices function, the IMF’s perspective on it, the implications of the increasing charge, and a clause in the budget bill 2024. So let’s look into it!

Petroleum Prices In Pakistan

What is Petroleum Levy?

The petroleum levy is a key source of government revenue in Pakistan. By raising the levy, the government can raise its revenues. It is critical for funding a variety of public services and infrastructure initiatives.

The consumption of fuel has decreased by 8%, so what does the increase in the levy mean? Would it be the most beneficial decision that the administration has made? It may have an impact on customers’ overall fuel use, which appears to be quite disappointing for Pakistan’s inflation-stricken economy. Previously, the charge was Rs. 40 per liter. Then, there was a sharp increase from Rs 60 to Rs 80. The current levy has added Rs 20, bringing it to Rs 80.

Previously

Will The Petrol Prices Rise Again?

Yes, This could happen this time. By increasing the petrol levy and doubling it to meet the revenue collection aims, we may get revenue for the government, but this will have bad effects on the economy. The usage of petroleum products usage is already decreased by 8%, and people are looking towards alternative options like Electric Vehicles.

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