In the midst of a vigorous crackdown on illegal activities, there is a possibility of a significant reduction in the prices of petroleum products in Pakistan, starting from October 1st.
A proposal is under consideration to reduce the price of petrol by Rs15 per liter and high-speed diesel by Rs10 per liter. Additionally, the price of light diesel oil is suggested to be lowered by Rs12 per liter, with kerosene potentially seeing a reduction of Rs8 per liter. The final decision on these price adjustments will be made by the Prime Minister in consultation with the Finance Ministry.
Currently, the government imposes a levy of Rs.60 per liter on petrol and Rs.50 per liter on diesel, along with additional duties of about Rs22 to Rs23 per liter on both petrol and diesel.
Caretaker Finance Minister Dr. Shamshad Akhtar disclosed these potential changes while providing a briefing on the country’s overall economic situation to the Senate Standing Committee on Finance.
Dr. Akhtar emphasized that Pakistan’s economic challenges stem from expenditures exceeding income and highlighted that the country cannot sustain the burden of Rs 1,300 billion in tax exemptions. She further stressed the need to impose capital gains tax on immovable assets.
The minister also reported positive developments in the economic landscape, including a stabilized exchange rate, a decrease in the value of the US dollar to Rs 288, an increase in remittances, and the lifting of import bans. These developments indicate a dynamic economic environment that the government is actively managing to ensure stability and progress.