Budget 2024-25: Petrol prices likely to see biggest hike in country’s history

After the budget of the next financial year 2024-25, the possibility of a new inflation bomb being dropped on the people is being shown. Largest hike in petrol prices in country’s history likely.

The IMF suggested to the government to impose GST along with petroleum levy on petroleum products. The government is also considering the implementation of a new tax.

Today Fuel Prices

According to media reports, the International Monetary Fund has recommended the government to increase electricity and gas rates and impose 18 percent GST on petroleum. If the IMF proposal is implemented, the price of petrol may increase by Rs 50 per liter, which will be the biggest increase in the price of petrol in the history of the country.

The government is already imposing a petroleum levy of Rs 60 per liter on petroleum products. According to an estimate, one thousand 80 billion rupees will be earned from the petroleum levy in the next financial year, while it is possible to earn 2295 billion rupees from the petroleum levy in the next two years.

This will increase the revenue from petroleum levy to Rs 1,215 billion next year. On the other hand, according to a report, the federal government has assured the IMF to make electricity and gas more expensive.

حکومت نے 16 مئی سے پیٹرولیم مصنوعات کی قیمتوں میں زبردست کمی کر دی