In a recent development, the civil government has raised the price of petrol by Rs17.50 per litre, bringing it to Rs290.45, while high- speed diesel will now bring Rs293.40 per litre.
This increase comes shortly after the August 1 decision when the government hiked petrol prices by Rs19.95 per litre for the forthcoming fortnightly review. The advertisement of the new prices was made by former finance minister Ishaq Dar during a press conference.
Dar explained that the increase in energy prices was a necessary step due to commitments made with the International Monetary Fund( IMF), including the duty of a petroleum development tax( PDL) on energy rates.
It has been reported that the Pakistani government is likely to put an fresh fiscal burden on citizens by raising the petroleum tax in order to fulfill the terms set by the IMF. As a consequence, it’s anticipated that the original electricity tariff will rise by Rs 3 to Rs 5 per unit, leading to an increase in gas prices as well, therefore impacting the general population’s cost of living.