Petrol price likely to go up in Pakistan

RAWALPINDI: Amid an increase in prices of HSD in the international market, petrol prices are likely to jack up in Pakistan for the next fortnight, ARY News reported citing sources. 

According to sources, the estimated hike in the petrol price will be revealed after the Oil and Gas Regulatory Authority (OGRA) completes the working.

The summary regarding the petrol price will be forwarded to Prime Minister Shehbaz Sharif and the new prices will be announced after his approval today, sources added.

It is pertinent to mention here the International Monetary Fund (IMF) earlier demanded Pakistan to implement 18 per cent General Sales Tax (GST) on Petrol.

As per details, the Monetary Fund asked Pakistan to end sales tax relaxation on all items including petrol.

Read more: IMF demands 18% GST on petrol

The newly elected government of Pakistan should also implement sales tax on petroleum products along with a Rs 60 levy to increase the tax income.

On March 31, the government increased price of petrol by Rs9.66 per litre but slashed the price of high-speed diesel (HSD) by Rs3.32 per litre.

The price of petrol increased from Rs279.75 to Rs289.41 per litre; while the high-speed diesel (HSD) rate reduced to Rs282.24 from Rs278.92.

The Finance Ministry said in a statement that the changes were due to a corresponding rise in petrol prices and a decrease in HSD prices in the international market.

It added the change was in line with the government’s policy of passing on price variations in the international market to the domestic market.