Due to its agreement with the International Monetary Fund, the federal government decided to hike the tax on petroleum products beginning in September.
Pakistan guaranteed the IMF in a letter issued after it was signed by the prime minister and the finance minister that the price of gasoline will increase gradually to Rs. 50 per litre.
According to estimates, gasoline prices would increase by Rs10 as of September 1. The overall fee would then be Rs 30 per litre, nevertheless.
While fuel prices will increase by Rs 5 to Rs 15 per litre.
The price of petroleum products will, however, rise in the future months by Rs 5 each month, reaching Rs 50 by January 2023.
Additionally, one of the requirements for the continuation of the IMF credit program was the imposition of fuel costs.
Despite declining oil prices on the international market, the government on Monday authorized an increase in petrol rates of 6.72 rupees per litre. As a result, a litre of gasoline would now cost Rs. 233.91.
Prime Minister Shehbaz Sharif declared a decrease in the cost of all petroleum products on July 14 in order to pass along the benefits of falling crude prices on the world market after many straight price increases.
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