On petroleum products, sales tax is also set at a minimum of zero percent.
Digital Desk: The Pakistani government has announced another increase in petroleum product prices, with an impact from July 1, 2022.
Check out the petroleum product rates given below:
- Petrol prices have been raised by Rs14.85 per litre, to Rs248.74 from Rs233.89.
- High-speed diesel prices have risen from Rs13.25 per litre to Rs276.54 from Rs263.31.
- Kerosene oil prices have risen by Rs18.83 per litre, to Rs230.26 from Rs211.43.
- Similarly, the price of light-speed diesel has increased by Rs18.68 per litre, to Rs226.15 from Rs207.47.
- The National Assembly passed the Finance Bill 2022 on Wednesday, allowing the government to levy a petroleum levy of up to Rs50 per litre on petroleum products.
Currently, the government does not levy a tax on the sale of petroleum products.
Furthermore, the sales tax on petroleum products is set at a minimum of 0%.
To relieve the people, the previous (Pakistan Tehreek-e-Insaf) PTI government kept the petroleum levy and the sales tax at zero.
In addition, the PTI government also provided a significant subsidy on petroleum product prices to lower rates and relieve the masses.
Former Prime Minister Imran Khan, on the other hand, was deposed in a vote of no confidence on April 10, 2022.
Since then, the new coalition government led by the PML-N has raised the price of petroleum products three times.
The new government of PM Shehbaz Sharif raised petroleum product prices on May 26, 2022, June 2, 2022, and June 15, 2022. In total, the government raised the price of petrol by 84 cents per litre in these price increases.
The current government estimates that the petroleum levy will raise Rs750 billion during fiscal year 22/2023. However, because the fiscal year begins on July 1, 2022, the government will likely impose the levy on that date.
According to Shaukat Tarin, former finance minister during the PTI's tenure, the government was raising the prices of petroleum products in response to the International Monetary Fund's (IMF) demand. The government plans to raise petroleum product prices to Rs300 per litre.
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