Given that the government is considering imposing a 17 percent GST on petroleum goods, petrol in the nation is likely to cost an additional Rs 30.
Pakistan has been requested by the IMF to raise the objective for tax income.
More Tax on Petrol Goods
In order to meet the Petroleum Development Levy’s aim, the government also intends to hike the current cap by Rs. 20–30 per liter, from Rs. 50 per liter to Rs. 70–80 per liter and apply 17% GST on petroleum products.
Ishaq Dar, the finance minister, announced on Sunday that the federal government has decided to raise the cost of petrol and diesel by 35 rupees per liter, effective as of 29 January. Once more, petrol in the nation is set to cost Rs. 30 extra.
Ishaq Dar stated during a televised speech that there had been an increase of 11% in the cost of gasoline goods on the global market.
The government raises the diesel fuel tax. Dar also announced an 18 rupee per liter price rise for light fuel and kerosene.
After the most recent round of price increases, petrol cost Rs. 249.80. Kerosene oil costs Rs. 189.83, light fuel costs Rs. 187, and diesel costs Rs. 262.80.
Prior to now, Fahad Rauf, Head of Equity Research at Ismail Iqbal Securities, provided a scenario of gasoline prices following a new exchange rate and with or without the application of sales tax on petroleum goods based on research of anticipated gasoline prices following a varying exchange rate scenario.
His estimate indicates that the price of petrol could go to Rs. 309/liter.
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