Further hike in petrol, diesel prices expected

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The federal government has decided to increase the petroleum levy on petrol and diesel from September as it has reached an agreement with the International Monetary Fund.

In the Letter of Intent sent to the IMF — after the prime minister and finance minister signed it — Pakistan has assured the global lender that it will phase-wise increase the petroleum levy to Rs50 per liter. According to reports, the levy on petrol will be increased by Rs10 from September 1.

This will take the total levy on per liter of petrol to Rs30. Similarly, the petroleum levy on diesel will be increased by Rs5 to Rs15/liter. In the coming months, it will be increased by Rs5 each month to take the levy on petroleum products to Rs50 by January 2023.—NNI

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