ISLAMABAD: In light of continuing discussions with the IMF regarding a rescue package, the federal government is likely to raise the price of gasoline and diesel by Rs. 30 per litre.
As a result of a cash-strapped nation’s decision to implement a general sale tax (GST) on petroleum goods as an additional measure, reports in local media imply that another increase is anticipated. The lender has requested that Islamabad raise the prices for gas and electricity, enact the general sales tax (GST), and privatise a number of state-owned businesses.
In addition to relaxing the tax provision culture, the mission requested that the coalition government ensure an audit of numerous state departments.
Currently, the price of a basic good is Rs249.80 per litre for gasoline, Rs262.80 for high-speed diesel, Rs189.83 for kerosene oil, and Rs187 for light-speed diesel. After the implementation of GST, the price of a basic good will reach Rs280 per litre.
It also alarmed anxious individuals because the government last month detonated a petrol bomb by raising the cost of petroleum products up to Rs35 per litre.
The lender asked that the cash-strapped government uphold its promise to adopt new levies in order to revive the $6.5 billion rescue package at a time when the country’s foreign exchange reserves had once again fallen to an alarming $3.1 billion.
