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The federal government has increased price of petrol by Rs4.53 per litre effective from Monday in line with the fluctuation in global oil prices.
Petrol will now be available at Rs293.94 per litre against its previous price of Rs289.41 per litre.
Meanwhile, the price of high-speed diesel (HSD) has also been increased by Rs8.14. HSD will now cost Rs290.38 per litre instead of Rs282.24.
Justifying the hike, the finance ministry in a statement, said the price of oil had increased in the international market during the last fortnight.
Read more: Petrol price expected to rise by Rs10/litre in April
Petrol is mainly used in cars and motorcycles. Its use in Punjab is higher as CNG stations in the province lack the supply of indigenous gas. They are provided with expensive imported gas.
HSD, commonly utilized in both transportation and agriculture, plays a pivotal role in these sectors. Consequently, any decision to raise its price could adversely affect farmers and other individuals by potentially exacerbating inflationary pressures.
Currently, the government is charging a levy of Rs60 per litre on almost all petroleum products.
The International Monetary Fund (IMF) is pushing the government to impose a general sales tax (GST) of Rs18 per litre on petroleum products.
Presently, there is no GST on these products. If the government imposes the GST, the prices of petroleum products will increase further in the coming months.
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