As the new government heeds the demands of the International Monetary Fund (IMF), Pakistan braces for another hike in petrol prices starting April 1, 2024. This move comes amidst ongoing inflation concerns, further burdening the already inflation-hit populace.
Unofficial reports indicate a significant increase of Rs9.50 in petrol prices, with the new rate expected to reach around Rs289 for the first half of the coming month. This surge reflects the government’s decision to raise the petroleum levy on petrol and diesel, a step influenced by IMF directives.
Furthermore, the IMF has urged Pakistan to impose an 18 percent GST (General Sales Tax) on petrol, signaling a shift towards ending sales tax relaxation on petroleum products. Despite negotiations, the government is expected to implement the GST along with a record levy of Rs60 on all petroleum products.
These developments highlight the challenges faced by Pakistan in balancing economic reforms with the impact on everyday citizens, particularly in the context of rising inflationary pressures.
, Pakistan braces for another hike in petrol prices starting April 1, 2024. This move comes amidst ongoing inflation concerns, further burdening the already inflation-hit populace.){kind=link}