Petrol and diesel prices in Pakistan are expected to increase in the second half of November 2024. The International Monetary Fund (IMF) has advised the government to impose General Sales Tax (GST) on petroleum products and raise the Petroleum Development Levy (PDL) to Rs70 per liter, which would result in higher fuel costs.
The federal government is in talks with the IMF to address the country’s economic challenges. If these recommendations are implemented, a notable increase in petrol and diesel prices is anticipated.
Current Petrol Prices in Pakistan
As of October 31, the petrol price in Pakistan stands at Rs248.38 per liter, while high-speed diesel (HSD) is priced at Rs255.14 per liter. The Finance Ministry recently increased petrol prices by Rs1.35 and diesel prices by Rs3.85 for early November.Expected Price Changes
Currently, petroleum prices in Pakistan are exempt from GST, and the PDL is set at Rs60 per liter. If the GST is added and the levy is raised to Rs70, petrol and diesel prices could see a significant increase, starting November 16.[embedpost slug="/govt-announces-tax-breaks-lower-duties-for-new-energy-vehicles/"]
