01 July,2022 , 03:15 amAdmin

Another Hike of Rs 15 in Petroleum Prices

The government increased the price of gasoline by Rs14.85 per liter on Thursday. This is the fourth price increase in 35 days, bringing the total cost of price increases since May 26 to almost Rs100.

Petrol will now cost Rs248.74 with the most recent increase. Followed by high-speed diesel at Rs276.54, kerosene oil at Rs230.26, and light diesel at Rs226.15. According to a notification released by the Finance Division.

At Midnight Tonight, the New Prices will Take Effect

At Midnight Tonight, the New Prices will Take Effect

“The government has decided to implement the new prices and amend the old prices." Due to fluctuations in international market prices and exchange rates.

According to the notification, there is a Rs. 10 petroleum duty on gasoline and Rs. 5 levies on high-speed diesel, kerosene, and light diesel.

No taxes

Finance Minister Miftah Ismail claimed Pakistan had received a Memorandum of Economic and Fiscal Policies (MEFP) from the International Monetary Fund (IMF). Which included some preceding actions, during a press conference in Islamabad shortly. After the Finance Division had announced a price increase.

The PTI broke its agreement with the IMF at the end of February. Which obliged us to resuscitate the program. And increase the petroleum development levy as one of the previous acts, the minister added.

According to Ismail, the government must impose PDL of Rs. 10 on gasoline and Rs. 5 on diesel.

Nation Already Faced Massive Loss

He claimed that during the previous administration, the nation lost Rs233 billion. And he added that "we should place the levy of Rs30 on gasoline as per the agreement struck by the PTI with the IMF."

But he said that there were no taxes levied by the government to help the common people. Musadiq Malik, the minister of state for petroleum, said the administration has to make difficult choices to get the nation out of the crisis. The next four to five months will be challenging. But after that, everything will return to normal in terms of price increases, Malik told reporters. Since taking office in April, the coalition government led by the PML-N has increased the price of gasoline three times. First by Rs30 on May 26; twice by Rs30 on June 2; and finally, once more by Rs24 on June 15.

PDL on All Items

In accordance with a report from Uncle Fixer, the government will begin enforcing the PDL on all items on July 1 (Friday). At a cost of Rs 10 per liter, with the exception of high-speed diesel, we'll charge it Rs 5 per liter. After then, the fee will continue to increase by Rs 5 per month, up to a maximum of Rs 50.

For the combined seventh and eighth evaluations of its $6 billion loan program. Which has been in limbo since April, Pakistan received the MEFP from the IMF on Tuesday.

Before Pakistan's request for approval and IMF board takes up the following release of cash and put it on the table. The MEFP contains a number of prerequisite activities that should be in place.

According to the MEFP, Pakistan will need to take at least two additional "prior actions." Before the end of July or the beginning of August in order to secure the two combined tranches. Prior actions include passing the federal budget which they presented to National Assembly on June 24. In accordance with the IMF's agreement and presenting a memorandum of understanding that was duly signed by the provincial governments. To provide a combined cash surplus to the federal government of about Rs750 billion.

Most likely, Pakistan will receive two tranches of roughly $918 million each (or $687 million in Special Drawing Rights, or SDRs) simultaneously. Both at once, in the final week of July or the first week of August, according to statements made by officials, according to several news channels.

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