Latest News About Petrol Price In Pakistan. On February 28, 2023, Pakistan is expected to announce new petroleum product prices for the upcoming days in light of the strengthening rupee and rising sales tax rates.
The new pricing will be in effect beginning on March 1, 2023, and will be valid through March 15, 2023.
The government will take the recent rupee strengthening against the dollar into consideration. On February 3, 2023, the local currency hit a record low against the dollar of Rs276.58. However, after falling to its lowest point, the local currency rose 6{71223439438a435dfc6a75af2cf6a1dcc426a8fc42e96e3439d57b430cc56a45}, or Rs. 16.59 to the dollar, until the market closed on February 23, 2023.
The finance division stated on February 15, 2023, that the devaluation of the Pakistani Rupee (PKR), used in the computation of the current pricing period, was the cause of the price hike.
The government increased to Rs35 per liter on January 29, 2023. Therefore the most recent increase in gasoline prices is a second round.
On the other hand, the upcoming announcement is significant because the country has already significantly raised petroleum prices during the previous two reports without enforcing sales tax.
Recent Petrol Price In Pakistan
Latest News About Petrol Price In Pakistan. In the minibudget unveiled on February 15, 2023, the standard sales tax rate was raised from 17 to 18 percent.
Analysts predicted the government would increase prices more if a sales tax was imposed on petroleum items.
The following fuel prices are effective in Pakistan as of February 16, 2023, and are valid through February 28, 2023:
The finance division announced the revised tariffs for the upcoming fortnight on February 15, 2023, effective as of February 16:
The gasoline cost has increased by Rs 22.20 to Rs 272 per liter from Rs 249.80.
The price of High-Speed Diesel (HSD) has increased from Rs262.80 to Rs280 per liter, an increase of Rs17.20.
Kerosene oil now costs Rs12.90 more per liter than it did at Rs202.73.
Light diesel oil (LDO) now costs Rs196.68 instead of Rs187, an increase of Rs9.68.
The government raised the price of petroleum products to Rs22.20 per liter.
The country is in an economic crisis-like scenario, and negotiations with the International Monetary Fund (IMF) to get a bailout package have been stuck for several months.
To meet the IMF’s demand, the administration also presented a minibudget. This can also entail taxing gasoline products with a sales fee.
The local government is currently working with the IMF to complete a staff-level agreement that will allow the delivery of a $1.2 billion tranche.
Conclusion
The latest News About Petrol Price In Pakistan has increased significantly over the past few months. This has caused a lot of inconvenience to the people of Pakistan. The government has been trying to control the price of petrol, but it has not been successful so far. The recent increase in petrol prices has also caused a lot of inflation in the country.
