ISLAMABAD – Petrol Prices in Pakistan are set to climb again as International Monetary Fund (IMF) suggested General Sales Tax (GST) on petroleum products and increase the petroleum levy (PDL) to Rs70 per liter.
Reports in local media claimed the expected surge in fuel rates as part of ongoing discussions with global lender to address country’s fiscal challenges.
The proposed changes come after IMF’s approval of $7 billion loan agreement for South Asian nation, and the deal requires incumbent authorities to implement handful of structural reforms.
As of now, Petrol, and other POLs are exempt from General Sales Tax, and after imposition of GST and increase in PDL, it could impact fuel prices for the weeks to come.
IMF’s visit is focused on assessing Pakistan’s economic performance for the first quarter of the current FY. Experts familiar with the development said the current setup, led by coalition members, may struggle to meet ambitious revenue targets set by International Monetary Fund (IMF).
