A Drastic Increase in Petrol Prices But Government May Waive Sales Tax
Pakistan faces an increase in petrol prices again due to an increase in prices in the international market. The government has decided to waive sales tax.
On Tuesday night, according to the notification disclosed by the Ministry of Finance, there was a rise in petrol prices in Pakistan by Rs. 12.03 per litre.
This rise wasn’t just in Pakistan but throughout the world. In the statement of the Ministry of Finance justifying the reason behind the rise of petrol prices, it was disclosed that the rise in the international market is the highest since 2014. These rates were effective by 16th February and will be updated again by the end of the month.
Petrol prices in Pakistan have been on a constant rise for the last few months. In spite of this tenacious rise, Prime Minister Imran Khan is not taking OGRA’s summary into consideration and has dismissed the previous review of petrol prices.
The statement read: “In the fortnightly review of Petroleum Products’ prices, the prime minister has considered the recommendation to increase the prices of petroleum products in line with the change in the international oil prices. Despite the increase in the prices of petroleum products, Petroleum levy and sales tax have been kept to the minimum.”
Here is the list of all petroleum-related price increases
The government have decided to disband sales tax on petrol to keep the prices somewhat reasonable. As a result, the government is bearing “a revenue loss of around Rs35 billion (fortnightly) on account of budgeted to existing PL and ST rates”. However, apart from petrol prices, Light Diesel Oil increased by Rs 9.43 and High-Speed Diesel increased by Rs 9.53. Kerosene was also raised by Rs 10.08.
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