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Massive Price Hike Takes Petrol Price to Rs. 248

A further increase in pricing for petroleum goods was announced by the government on Thursday. This brings the total amount of increases that have occurred since May 26 to Rs. 132 per litre.

In accordance with the notification that was distributed by the Finance Division, the price of a litre of petrol will now be 248.74 rupees. This will be followed by a price of 276.54 rupees for a litre of high-speed diesel, 230.20 rupees for a litre of kerosene oil, and 226.61 rupees for a litre of light diesel. Once the clock strikes midnight tonight, the new prices will be in effect.

The notification indicates that a petroleum levy of Rs. 10 has been levied on petrol and Rs. 5 has been applied to each of the other items.

Massive Price Hike Takes Petrol Price to Rs. 248

The Finance Division issued a statement in which it said, “In view of the fluctuations in petroleum prices on the international market and the variation in the exchange rate, the government has decided to apply a petroleum levy partially and revise the existing prices of petroleum products as agreed with the development partners.” The statement was made in response to the fact that the government has “decided to apply a petroleum levy partially and revise the existing prices of petroleum products.”

It is important to point out that the federal government has targeted a collection of Rs. 750 billion in terms of the petroleum development levy (PDL) in the fiscal year 2022-23. (FY23).

The government and the International Monetary Fund (IMF) have reached an agreement on a timetable to raise the pricing of petroleum goods by implementing a general sales tax (GST) of 17 per cent and a price discrimination level (PDL) of 50 rupees per litre during the fiscal year 2023.

For the purpose of reviving the stalled loan programme, the government and the IMF have reached an agreement on a timeline for the imposition of the goods and services tax (GST) and the petroleum development levy (PDL) on petroleum products beginning on July 1, 2022, and continuing through June 20, 2023.

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