Petrol, Diesel Prices in Pakistan Expected to Rise from November 16 Following IMF Proposal
Petrol and diesel prices in Pakistan may see a significant increase starting November 16, following recommendations from the International Monetary Fund (IMF) to impose a General Sales Tax (GST) on petroleum products and raise the Petroleum Development Levy (PDL) from Rs60 to Rs70 per litre.
If these measures are adopted, consumers already dealing with high inflation could face additional financial strain due to higher fuel costs, which would likely increase transport expenses and impact inflation across multiple sectors. This would be the second consecutive fortnightly fuel price adjustment in Pakistan, following an October 31 increase that raised petrol prices by Rs1.35 per litre to Rs248.38, and high-speed diesel (HSD) by Rs3.85 to Rs255.14 per litre.
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Currently, petroleum products are exempt from GST, and the PDL is set at Rs60 per litre. The IMF’s proposal, aimed at boosting revenue generation, forms part of a broader effort to stabilize Pakistan’s economy by reducing fiscal deficits. These negotiations come as the government seeks to meet IMF-mandated reform targets, which emphasize increased revenue through fuel levies and taxes.
Should the government implement these changes, the resulting rise in fuel prices would reflect both the impact of global oil prices and the government’s fiscal objectives.
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