Promise from IMF - ready to drop petrol bombs - Possibility of increase up to Rs. 15 per liter/Madani News Update

 Promise from IMF - ready to drop petrol bombs - Possibility of increase up to Rs. 15 per liter

Madani News Update

According to reliable sources, prices of petroleum products are likely to rise by Rs 5 to Rs 15 per liter for the next 15 days from Monday (January 31). And the imposition of additional petroleum levies.

 Informed sources said that based on the current tax rate, import parity price and exchange rate, the price of petrol could be increased by Rs5.85 paise and the price of high speed diesel by Rs10.70 paise. Diesel oil may be expensive at Rs 9 per liter, but as promised by the IMF, with a further increase of Rs 4, the price of high speed diesel may go up by Rs 14.70 and the price of petrol by Rs 9.85 per liter. He said that the government could reduce the general sales tax on petroleum products to avoid public criticism and reduce the pressure of inflation on the people. At present, the price of petrol is Rs. High speed diesel is taxed at Rs4.50 (5.44%), kerosene at Rs5.26 (8.30%) and light diesel oil at Rs2.80 (2.7%). According to the official, the government has the authority. He said that in order to curb rising oil prices, it would have to waive GST on petrol and high speed diesel in whole or in part. The delay in imposing a petroleum levy of Rs 4 per liter on lime products is unlikely, as the IMF's executive board is scheduled to meet on February 2 to discuss the resumption of Pakistan's ارب 6 billion debt program. The government will not want to affect the smooth running of the program restoration process, which, despite the difficulties, has implemented all the steps required by the IMF, including the passage of the SBP Amendment Act. Has gone

 The government has been raising petroleum levies and GST on an alternative 15-day basis in recent months as part of negotiations with the IMF, but also reduced GST on key products on January 15. Under the ongoing negotiations with the IMF, the government has promised to increase the petroleum levy to a maximum of Rs 30 per liter. The GST adjustment is being made on the 15th of every month. At present, the government is levying a tax of about Rs 32 per liter on petrol and about Rs 28 per liter on high speed diesel. The current ex-depot price of petrol is 147. The price of Rs 83 paise and high speed diesel is Rs 144 62 paise per liter. While the price of high speed diesel increases, so does the use of heavy transport such as trains and It is used in agriculture engines, trucks, buses, tractors, tube wells and threshers. The current ex-depot price of light diesel oil is Rs. Used by mills and some power plants, kerosene is mostly used for blending gasoline and for lighting in remote areas.