Wednesday, May 31, 2023

Govt Likely to Increase Levy on Petrol & Diesel to Rs. 50/Litre by January 2023

Recently, PBF CEO Ahmad Jawad shared a statement, “Pakistan’s economy continues to slump despite resumption of the much-awaited International Monetary Fund’s (IMF) Programme. Finance Minister Ishaq Dar must announce a clear policy on the rupee to ease the pain of traders and to save the industries.”

Jawad added further, “High inflation, unemployment and low profitability continue to plague the business community and despite that the government has withdrawn its electricity concession given to exporters and is projected to increase the levy on petrol and diesel to Rs50 per litre by January 2023. Adding to their miseries, the government is also considering imposing GST – all negative indicators for the country’s economy,” he added.

He stated more, “Even bond and currency markets, which had shown more confidence in Pakistan after the IMF deal, are pricing in high once again over concerns of the country defaulting on its foreign debt.”

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