ANI
14 Jan 2022, 19:57 GMT+10
Islamabad [Pakistan], January 14 (ANI): The prices of key petroleum products are estimated to jump by up to Pakistani Rs 6.30 per litre on January 15 for the next fortnight, local media reported on Friday.
The prices of petrol (motor gasoline) and high-speed diesel (HSD) had been worked out to go up by about Pakistani Rs 5.30 and Pakistani Rs 5.80 per litre, respectively, based on the existing tax rates, import parity price and exchange rate, Dawn reported citing sources.
Likewise, the prices of kerosene and light diesel oil (LDO) are also estimated to go up by Pakistani Rs 5.80 and Pakistani Rs 6.30 per litre, respectively.
According to Dawn, an official said the Imran Khan-led government could slightly reduce sales tax on petroleum products if it decides to minimise inflationary pressures on the public, but it would largely depend on its engagements with the International Monetary Fund (IMF) for the revival of a USD 6 billion programme.
In recent months, the government has been increasing petroleum levy and general sales tax (GST) on an alternate fortnight basis as part of its negotiations with the IMF. The levy would keep going up by Pakistani Rs 4 on the first of every month until it reached a maximum of Pakistani Rs 30 per litre and GST adjustments would take place on the 15th of every month depending on the price cushion, the Pakistani publication reported.
At present, the government has been charging a tax of about Pakistani Rs 35 per litre on petrol and about Pakistani Rs 30.50 per litre on HSD.
The taxes on a litre of petrol include Pakistani Rs 17.13 petroleum levy, Pakistani Rs 7.31 (5.45pc) GST and Rs10 customs duty. The per-litre HSD price includes Pakistani Rs17.62 petroleum levy, Pakistani Rs 3.53 (2.5pc) GST and Pakistani Rs 9.26 customs duty, Dawn reported. (ANI)Get a daily dose of Houston Mirror news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Houston Mirror.
More InformationSANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...
NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...
Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, DC - U.S. President Donald Trump on Tuesday claimed Elon Musk's success has been built on government subsidies. Without...
EVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...