govt increases petroleum to meet imf conditions for pakistan

The Federal Government has chosen to keep the prices of petroleum products unchanged by raising the petroleum levy on petrol and diesel, which means they are passing up the chance to offer price relief to consumers.

 ProPakistani has learned from sources that the government has increased the petroleum levy on petrol and high-speed diesel by Rs. 10 per liter, raising it from Rs. 60 to Rs. 70 per liter. This move aligns with the stipulations set forth by the International Monetary Fund (IMF).

Additionally, sources indicated that the IMF had explicitly asked for this Rs. 10 per liter hike in the petroleum levy as a condition for its loan program.

The choice to raise the levy was taken to ensure the next installment of the IMF loan. This action helps the authorities address gaps in tax revenue, as stated by Muhammad Sohail, CEO of Topline Securities.

In an effort to ease the burden of electricity bills, the government plans to gather taxes directly from the public.

By increasing the levy, the government has avoided a possible drop in fuel prices, which means the financial strain on citizens remains unchanged.