Petrol-diesel prices in Pakistan have reached a record level. The government has increased petrol by Rs 22 and diesel by Rs 17 from Thursday. From today, one liter of petrol now costs Rs 272 and one liter of diesel costs Rs 280. In this way, petrol became costlier by Rs 58 and diesel by Rs 53 in the last one month. On January 16, the price of petrol was Rs 214.80 and the price of diesel was Rs 227.80.
The Finance Division of Pakistan has attributed the record hike in the prices of petrol and diesel to the fall in the Pakistani currency (Rupee). According to Geo News, at present there is a huge crisis of foreign exchange in Pakistan. This is affecting imports and exports. Inflation is increasing. IMF is not giving loans. IMF has set strict conditions for the loan. These include the increase in the price of diesel and petrol.
Prices are in Pakistani Rupees.
Shahbaz government brought mini budget because...
Pakistan's Shahbaz government announced last week that the government will present a mini-budget to raise 170 billion Pakistani rupees in four months to unlock the IMF bailout package. Due to this, a budget was presented in the National Assembly of Pakistan on 15 February. Under this, many types of taxes have been increased. Whose entire burden will have to be borne by the people of Pakistan who have reached the brink of inflation and starvation.
Inflation will be 33% by June
In Pakistan, not only petrol, but the prices of kerosene, light diesel and high speed diesel, which are used in everyday life, have also been increased. Due to this, the inflation in the country will increase even more. According to Moody's Analytics Senior Economist Katrina L, this will increase the inflation rate in Pakistan to 33% in the first half of 2023 (by June). He also said that even the IMF loan will not be enough to bring the country's economy back on track.
Pakistan's Finance Minister Ishaq Dar presented the mini budget on Wednesday.
Proposed tax in mini budget
GST on luxury items increased from 17% to 25%
Increase the tax on business and first class air tickets to Rs. 20,000 or 50%.
10% advance income tax on marriage hall.
Tax will also increase on cigarettes and soft drinks.
Standard GST will be increased from 17% to 18%.
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