As per the agreement agreed with the International Monetary Fund (IMF) as part of the recently approved bailout package, the federal government has started putting new measures into effect.
The government has chosen to increase the tax on gasoline by Rs 5 per litre as part of these steps in an effort to raise additional funds. Petrol now carries a development levy of Rs. 55 per litre as opposed to Rs. 50 previously.
The updated fuel levy rates will be in effect nationwide as of right now. The development fee for high-speed diesel, however, will continue to be Rs 50 per litre.
Notably, the levies on both gasoline and high-speed diesel would eventually be subject to incremental increases, reaching Rs 60 per litre in compliance with the current IMF programme.
The public is anticipated to contribute a sizeable sum of Rs 859 billion in the fiscal year FY 2023–24 as a result of the petroleum levy.
Ishaq Dar, the finance minister, announced new petrol pricing last night. These prices will be in effect through July 15th. The Minister declared that the cost of gasoline would not alter from Rs. 262 per litre. But there has been a 7.50 rupee increase in the cost of diesel. For the following two weeks, diesel will cost Rs. 261 per litre.
