ISLAMABAD – The federal government is likely to increase prices of petrollinkdiesel by Rs30 per litre amid ongoing talks with IMF over a bailout packagelink.
Reports in local media suggest that another hike is expected as acash-strappedlinkcountrydecided to impose a general sale tax (GST) on petroleum products as anadditional measure. The lender has asked Islamabad to increase electricityand gas tariffs and to impose general sales tax (GST) along with theprivatisation of several state-owned enterprises.
The mission also asked the coalition government to ensure an audit ofseveral state departments besides easing the tax provision culture.
As of now, petrol is being sold at Rs249.80 per liter; high-speed diesel atRs262.80 per liter; kerosene oil at Rs189.83 per liter; and light-speeddiesel is Rs187 per liter, and after the imposition of GST, the price of abasic commodity will hit Rs280 per litre.
It also worried distressed citizens as the government dropped a petrol bomblast month, increasing the prices of petroleum products up to Rs35 perlitre.
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The lender asked the cash-strapped country to fulfill vows to introduce newtaxes in order to revive the $6.5 billion bailout package at times when thecountry’s forex reserves drop again to an alarming $3.1 billion.
Amid the worst crisis, inflation skyrocketed to a 14-week high at 2.83percent week-on-week during the 7-day period, per reports.
