ISLAMABAD – The federal government is likely to increase prices of petrol and diesel by Rs30 per litre amid ongoing talks with IMF over a bailout package.
Reports in local media suggest that another hike is expected as a cash-strapped country decided to impose a general sale tax (GST) on petroleum products as an additional measure. The lender has asked Islamabad to increase electricity and gas tariffs and to impose general sales tax (GST) along with the privatisation of several state-owned enterprises.
The mission also asked the coalition government to ensure an audit of several state departments besides easing the tax provision culture.
As of now, petrol is being sold at Rs249.80 per liter; high-speed diesel at Rs262.80 per liter; kerosene oil at Rs189.83 per liter; and light-speed diesel is Rs187 per liter, and after the imposition of GST, the price of a basic commodity will hit Rs280 per litre.
It also worried distressed citizens as the government dropped a petrol bomb last month, increasing the prices of petroleum products up to Rs35 per litre.
The lender asked the cash-strapped country to fulfill vows to introduce new taxes in order to revive the $6.5 billion bailout package at times when the country’s forex reserves drop again to an alarming $3.1 billion.
Amid the worst crisis, inflation skyrocketed to a 14-week high at 2.83 percent week-on-week during the 7-day period, per reports.
Pakistani rupee saw slight gains against US dollar in the open market on March 19, 2024, Tuesday.
In the open market, the US dollar was being quoted at 278.6 for buying and 281.45 for selling.
Euro remains unchanged at 303 for buying and 306 for selling while British Pound hovers around 356 for buying, and 359 for selling.
UAE Dirham AED saw slight changes and new rate stands at 75.7 whereas the Saudi Riyal new rates was 73.95.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 278.6 | 281.45 |
Euro | EUR | 303 | 306 |
UK Pound Sterling | GBP | 356 | 359 |
U.A.E Dirham | AED | 75.7 | 76.45 |
Saudi Riyal | SAR | 73.95 | 74.4 |
Australian Dollar | AUD | 182.7 | 184.5 |
Bahrain Dinar | BHD | 741.22 | 749.22 |
Canadian Dollar | CAD | 204 | 206.2 |
China Yuan | CNY | 38.73 | 39.13 |
Danish Krone | DKK | 40.69 | 41.09 |
Hong Kong Dollar | HKD | 35.63 | 35.98 |
Indian Rupee | INR | 3.36 | 3.47 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 903.77 | 912.77 |
Malaysian Ringgit | MYR | 59.25 | 59.85 |
New Zealand Dollar | NZD | 169.5 | 171.5 |
Norwegians Krone | NOK | 26.27 | 26.57 |
Omani Riyal | OMR | 723.7 | 731.7 |
Qatari Riyal | QAR | 76.57 | 77.27 |
Singapore Dollar | SGD | 206 | 208 |
Swedish Korona | SEK | 26.89 | 27.19 |
Swiss Franc | CHF | 315.26 | 317.76 |
Thai Bhat | THB | 7.76 | 7.91 |
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