The Petrol Prices in Pakistan are expected to increase from start of July as the coalition government plans to impose petroleum levy on POL products with effect from 1st July 2022 in order to restore the International Monetary Fund (IMF) loan programme.
The two sides have decided to gradually impose a petroleum levy of Rs. 50 per litre on POL products, which will lead to a massive increase in the Petrol Prices in Pakistan. According to the details, the federal government will impose a petroleum levy of Rs. 10 per litre from July and it will be increased by Rs. 5 per litre from August onwards until it reaches the maximum threshold of Rs. 50 per litre by March 2023.
The increase in the prices of petroleum products will cause further inflation for the already burdened population. It is pertinent to mention that Petrol Prices in Pakistan have seen an unprecedented hike in recent weeks as the coalition government raised prices of these commodities by over Rs. 100 per litre since 27th May 2022.
Current Petrol Prices in Pakistan
CURRENT PRICE (PKR)
High Speed Diesel (HSD)
Light Diesel Oil (LDO)
Furthermore, there is possibility of the imposition of 17% General Sales Tax (GST) on POL products from July. However, some sources state that GST collection may end up being suspended if prices of crude oil in the international market go up in order to provide relief to the public.