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What will be new Petrol Price in Pakistan after govt's proposal to increase petroleum levy?

10:54 AM | 13 Jun, 2024
What will be new Petrol Price in Pakistan after govt's proposal to increase petroleum levy?

ISLAMABAD – Price of petrol and other fuel products will rise as expected as the PML-N government has decided to jack up maximum petroleum levy on petroleum products by Rs 20.

Finance Minister proposed significant rise of Rs20 in the levy imposed on petrol and diesel, raising it from the previous Rs60 to the new record high to Rs80.

This move was made to meet IMF-recommended reforms to secure an upcoming loan program with the International Monetary Fund (IMF), burdening the salaried and middle class of the country.

Petrol levy in Budget 2024-25

Rs60 per liter levy was also imposed to satisfy IMF requirements. There were earlier reports that government might impose an 18pc GST on petroleum goods, which currently stands at 0. In either case, the petrol price is expected to reach a new high, creating a challenging situation for inflation hit masses.

People are likely to experience reverse effect of consecutive declines in petrol prices in the last few fortnights of price revisions. This situation is particularly significant for Pakistan, a nation heavily reliant on oil imports around 85%.

With economy struggling and inflation exceeding 28.3pc in January, even minor price changes have a significant impact on the population.

While the IMF deal aims to stabilise the economy, it comes at a cost, including higher taxes and energy costs, which pose a significant challenge for Pakistanis.

With the increase in levy, transportation costs will increase and will impact employment and overall economic activity.

In last fortnight's review, the incumbent government slashed the petrol price by Rs. 4.74 per liter, resulting in a drop in prices to Rs. 268 per liter and 270.22 per liter.

Daily Pakistan Global Web Desk

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Today Currency Rates in Pakistan - Rupee to US Dollar, Euro, Pound, Dirham, Riyal - 24 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 24, 2024 (Wednesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 278.4 for buying and 280.1 for selling. Euro's buying rate remains stable at 301.35 and selling rate is 303.45.

British Pound rate is 354.5 for buying, and 358.35 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal hovered at 73.6.

Currency Rates Today

Currency Symbol Buying Selling
US Dollar USD 278.4  280.1 
Euro EUR 301.35 303.45
UK Pound Sterling GBP 354.5 358.35
U.A.E Dirham AED 76.5  77.25
Saudi Riyal SAR 73.60 74.32
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.50 205.50
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.70 36.05
Indian Rupee INR 36.05 36.05
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202.00 204.00
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.50 7.65

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