People who are tired of inflation are hoping that gas prices will drop during Ramadan, but it looks like the newly elected administration will maintain the same pricing for petroleum products through the second part of March 2024.
According to official sources cited in local media reports, gas prices will probably stay the same through March 31. According to the report, the premium on gasoline imports increased to $12.15 per barrel in February from $10.45, while the cost of foreign goods and the currency rate were steady.
Aside from the currency rate, the premium on imports of high-speed diesel (HSD) remained constant at $6.50 per barrel.
Furthermore, for the next two weeks, it’s expected that the cost of kerosene and light diesel oil will not change. Authorities have currently raised the petroleum levy to its highest allowable extent.
The current goal of Sharif’s administration is to raise more than Rs950 billion from the petroleum levy.
People are already paying a tax of Rs 82 per liter on both gasoline and high-speed diesel as of early 2024. The government charges a petroleum development levy (PDL) of Rs. 60 per liter, but the general sales tax (GST) stays at zero.
