ISLAMABAD: The federal government plans to raise petrol prices in Pakistan on June 30. The higher pricing will take effect on July 1st, the same day that the new finance bill is put into action.
After releasing the budget for the upcoming fiscal year 2024–25 on June 12, the government will be making its first revision to the petroleum prices on June 31. The government has suggested raising the maximum gasoline duty by Rs20 to Rs80 per liter in the finance bill.
The government counts the petroleum levy as one of its main sources of income, and it is currently working to increase revenue to obtain another rescue package from the International Monetary Fund (IMF).
The highest fuel levy rate on both gasoline and high-speed diesel would now be Rs80 per liter, per the proposed Finance Bill 2024.
For the upcoming fiscal year 2024–2025, the government has set the Federal Board of Revenue (FBR) income target at Rs 12.97 trillion.
The government reduced the cost of gasoline and high-speed diesel (HSD) for consumers earlier this month by Rs. 10.20 and Rs. 2.33, respectively.
Following the revision, the price of a liter of gasoline is currently Rs258.16, while a liter of high-speed diesel is priced at Rs267.89.
The cost of gasoline and diesel in Pakistan is anticipated to increase if the budget plan to raise the petroleum charge is adopted.
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