Pakistan federal government increase fuel prices to historic high on Wednesday

In Pakistan, the federal government increased the Fuel price to a historic high last night. This came hours after the government introduced a tax-loaded Finance (Supplementary) Bill 2023. According to media reports, the price of petrol has been moved up to 272 Pakistani rupees per litre after an increase of 22.20 rupees.

The price of high-speed diesel has been increased to 280 rupees per litre after a hike of 17.20 rupees. Kerosene oil has reached at 202.73 rupees per litre following a 12.90 rupees hike.

Pakistan’s Federal Board of Revenue has issued Statutory Regulatory Orders raising the standard general sales tax (GST) rate from 17 to 18 per cent in order to collect taxes totalling 115 billion rupees. Local media reported that 55 billion rupees will be raised through other measures related to Finance (Supplementary) Bill 2023.

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