Petrol duty will rise by Rs. 20/liter Soon IMF Requirement.
Description:
From the next financial year (2024-25), consumers may not see a decrease in MS petrol and high-speed diesel (HSD) prices due to the federal government"s consideration of implementing sales tax up to Rs. 20 per liter on petroleum products (POL) and raising oil prices.
IMF urges Pakistan to impose additional costs on the common man to raise tax revenue and launch a new rescue program.According to sources, proposals are being made for a 5 percent sales tax on POL products.
Currently, the rate of sales tax on petroleum products is nil, while the petroleum tax is Rs. 60 per liter for both MS and HSD. Sources warned that the oil price could rise to at least rubles. 80 per liter in FY25 if the government gives in to IMF pressure.
They added that if both the sales tax and the increased fee go into effect, the expected drop in oil prices in the next fiscal year will not be passed on to the public..
