Pakistan is considering a significant reduction in the prices of petroleum products, providing relief to consumers starting from October 1st, 2023. This potential decrease in fuel prices is a result of the government’s efforts to combat illegal activities and streamline the economy.
According to the proposed plan, the price of petrol could potentially decrease by Rs15 per litre, while high-speed diesel might see a reduction of Rs10 per litre. Additionally, the price of light diesel oil could experience a drop of Rs12 per litre, and kerosene may become more affordable with an anticipated reduction of Rs8 per litre. The ultimate decision will be made by the Prime Minister, in consultation with the Finance Ministry.
At present, the government imposes a levy of Rs.60 per litre on petrol and Rs.50 per litre on diesel. Furthermore, there is an additional duty of approximately Rs22 to Rs23 per litre on both petrol and diesel. Caretaker Finance Minister Dr. Shamshad Akhtar disclosed these potential changes during a briefing on the nation’s economic situation to the Senate Standing Committee on Finance.
Dr. Shamshad Akhtar emphasized that Pakistan’s economic challenges are primarily due to expenditures exceeding income. The nation cannot sustain the burden of Rs 1,300 billion in tax exemptions, she stated. She also stressed the necessity of implementing a capital gains tax on immovable assets.
Furthermore, the minister provided an optimistic outlook for the country’s economy, highlighting that the exchange rate has stabilized, with the dollar now valued at Rs 288. Remittances have surged, and the ban on imports has been lifted, indicating a positive trajectory for Pakistan’s financial landscape.
These potential reductions in petrol and diesel prices come as welcome news for the citizens of Pakistan, offering hope for more affordable transportation and decreased living costs. The final decision on these proposed changes awaits the Prime Minister’s approval, and if implemented, they are expected to have a positive impact on the nation’s economy and the daily lives of its people.
