The anticipated escalation in global oil rates, coupled with the government's proposed increase in levies on all Petroleum Oil Lubricants (POLs), is set to drive up the prices of petrol and diesel in Pakistan starting April 2024.
Pakistanis are bracing for another financial setback as petrol prices are projected to climb by as much as Rs8 per liter, following a recent shock of over Rs9 per liter.
Expected Petrol Price in Pakistan April 2024
By April 16, the price of petrol is estimated to reach around Rs298 per liter, compared to the current rate of Rs289.40 per liter.Similarly, diesel prices are poised to increase by approximately Rs2.24 per liter, with the new rate expected to be around Rs284.24 per liter compared to the current Rs282.
Unofficial reports indicate that the Pakistani government is considering this petrol price hike due to the devaluation of the rupee and the strained geopolitical situation in the Middle East.
However, it's noteworthy that this surge isn't directly associated with IMF recommendations for a Goods and Services Tax (GST) hike. Instead, there's a possibility that the petroleum levy could surge from the existing maximum limit of Rs. 60 to Rs. 100 per liter.
This potential increase in levies could result in record-high petrol prices across Pakistan.
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