ISLAMABAD – The coalition government is likely to increase the prices of petrol and diesel at the start of the month of September.
Another hike is expected as cash-strapped country agreed condition of an increase in the levy on all petroleum products that the global lender demanded to revive the much-needed programme.
As per the letter of intent sent by the South Asian country to the International Monetary Fund, there will be a gradual increase in the Petroleum development levy (PDL) which will be raised by Rs50 till January 2023.
Reports suggest that a levy of Rs10 on petrol and Rs5 on diesel would be increased by the start of next month, and it will be further increased by another Rs5.5 per liter in the coming months.
The development comes days after the incumbent government jacked up the price of petrol by Rs6.72 per liter and the price reached Rs233.91 per liter.
Earlier this week, Finance Minister Miftah Ismail defended the hike in petrol prices, saying the government has not imposed furher tax on petroleum products.
Pakistan’s new finance chief, who even faced criticism from within his party, defended the decision stating that the price increase will not affect the supply and demand cycle.
Pakistani currency saw minor adjustment against global currencies on April 17, 2024. US dollar was being quoted at 277.4 for buying and 280.4 for selling.
Euro comes down to 293.15 for buying and 296.1 for selling while British Pound stands at 344.25 for buying, and 347.6 for selling.
UAE Dirham AED was at 75.4 and Saudi Riyal's new rates was at 73.30.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 277.4 | 280.4 |
Euro | EUR | 293.15 | 296.1 |
UK Pound Sterling | GBP | 344.25 | 347.6 |
U.A.E Dirham | AED | 75.45 | 76.2 |
Saudi Riyal | SAR | 73.3 | 74.05 |
Australian Dollar | AUD | 181 | 182.5 |
Bahrain Dinar | BHD | 739.38 | 747.38 |
Canadian Dollar | CAD | 201 | 203 |
China Yuan | CNY | 38.45 | 38.85 |
Danish Krone | DKK | 40.45 | 40.85 |
Hong Kong Dollar | HKD | 35.57 | 35.92 |
Indian Rupee | INR | 3.33 | 3.44 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 902.26 | 911.26 |
Malaysian Ringgit | MYR | 58.24 | 58.84 |
New Zealand Dollar | NZD | 164.75 | 166.75 |
Norwegians Krone | NOK | 25.38 | 25.68 |
Omani Riyal | OMR | 722.1 | 730.1 |
Qatari Riyal | QAR | 76.37 | 77.07 |
Singapore Dollar | SGD | 204.5 | 206.5 |
Swedish Korona | SEK | 25.72 | 26.02 |
Swiss Franc | CHF | 307.11 | 309.61 |
Thai Bhat | THB | 7.61 | 7.76 |
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