After months, Pakistan will once again have a record-high price for gasoline when the prices are changed, which will anger the people there. Sources say that the price of gasoline will likely go up by Rs. 9.50, from Rs. 279.75 to Rs. 289.25. The diesel prices are expected to rise by Rs. 0.86, from the old rate of Rs. 287.33 to Rs. 285.56 over the next two weeks.
This move, or what made the new government announce such a big increase in gas prices, was mostly because the International Monetary Fund (IMF) said that the country should put back in place an 18% general sales tax (GST) on gasoline as a condition for getting the last part of its bailout package.
Additionally, it has been said that the government plans to increase the fuel tax from Rs. 60 to Rs. 100. In recent years, the Petroleum Development Levy has been changed in a number of ways. The most noticeable change was a rise during the fiscal year 2023.
In July 2022, the petroleum tax on gasoline was set at Rs. 20 per liter. In November 2022, it was raised to Rs. 50 per liter, and from September 2023 to now, it will be Rs. 60 per liter.
At the moment, the government is charging Rs. 60 per liter for both gasoline and diesel as a development levy. This is the largest amount allowed by law. The government decides these prices by looking at things like the needs of Pakistan State Oil, taxes, and the price of oil around the world.
At the moment, the government charges about Rs. 82 per liter for both gasoline and oil. Even though all petroleum goods are not subject to the General Sales Tax (GST), the government still charges Rs. 60 per liter for both of them.
Do you agree with the idea that gas prices will go up? Write what you think in the comments.
Write A Comment