Petroleum prices are expected to rise amid global market trends.
The federal government is expected to revise the prices of petrol and diesel in Pakistan during the next fortnightly review for December 2024.
The new petroleum prices will be announced on the night of November 30, the revised rates will be applicable from December 1 to 15. Recent upward trend in global oil prices.
According to sources, the price of petrol may increase by Rs 2 per litre. 10 to Rs 15 per liter for the first half of December 2024, reflecting an increase in international market rates. The final decision will be taken by the federal government after considering factors such as available stock, revenue targets and global prices.
Currently, the price of petrol in Pakistan is 6 rupees 50 paise. 248.38 per litre, while the price of high-speed diesel for November 2024 is Rs. 255.14 per litre.
On the other hand, the International Monetary Fund (IMF) has called for the restoration of the 18 percent General Sales Tax (GST) on petroleum products and has proposed to increase the petroleum levy to Rs 10. 70 per litre.
An IMF delegation led by Mission Chief of Pakistan Nathan Porter visited Pakistan in early November for technical discussions. As part of these negotiations, the IMF proposed GST on petroleum products, which is currently zero. The current petroleum levy is likely to increase further to Rs 70 per litre.
During the preparation of the 2024-25 budget in July, a similar proposal to impose a standard 18% GST on petroleum products was rejected by the prime minister because of the inflationary impact on the public.
