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Petrol Price in Pakistan Likely to Increase Soon

Jawad  29 Nov 2024   128
Petrol Price in Pakistan Likely to Increase Soon

Petrol Price in Pakistan Likely to Increase Soon

The petrol price in Pakistan is expected to rise in the upcoming fortnight, sparking concerns among citizens. Reports suggest that the federal government may announce a significant petrol price increase for petrol, diesel, and kerosene oil, effective from December 1 to December 15. As per estimates, petrol prices might go up by Rs. 3.15 per liter, diesel by Rs. 3.20 per liter, and kerosene oil by Rs. 4 per liter. The potential adjustment in fuel rates highlights the ongoing volatility in the market and its impact on the public.

Global Oil Market Impacts
The projected upcoming petrol prices in Pakistan are attributed to fluctuations in global crude oil prices. The petroleum division is expected to finalize its decision shortly, with recommendations under review by the Ministry of Petroleum and the Ministry of Finance. Prime Minister Shehbaz Sharif and Finance Minister Muhammad Aurangzeb will collaborate on the final announcement. The government’s decision will undoubtedly weigh the delicate balance between global market trends and domestic economic pressures.

Recent Changes in Petrol Prices
The most recent adjustment in the petrol price in Pakistan saw an increase, raising the rate to Rs. 248.38 per liter from Rs. 247.03 per liter. Diesel prices were also revised upward to Rs. 255.14 per liter, an increase of Rs. 3.85. These changes were announced via a notification from the Finance Ministry. The steady rise in fuel prices remains a focal point for policymakers, given its ripple effects on other sectors of the economy.

Taxation and Fuel Pricing
Additionally, reports indicate that the IMF has recommended introducing an 18% general sales tax (GST) on petroleum products and increasing the Petroleum Development Levy (PDL) from Rs. 60 to Rs. 70 per liter. However, no official confirmation has been made regarding these proposals. Currently, no GST is applied to fuel prices, but any changes to this policy could significantly influence petrol price news and public opinion.

Broader Economic Impact
The petrol price increase directly affects inflation in Pakistan. Higher fuel prices drive up the cost of daily commodities, placing an additional financial burden on citizens. Conversely, any reduction in fuel costs can bring temporary relief to the masses. With the anticipated adjustment in upcoming petrol prices in Pakistan, the ripple effects on household budgets and the economy are inevitable.








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