Islamabad : In a disappointing move, Shahbaz government has again deprived the masses of legitimate relief in the price of petroleum products.
A notification of the Finance Division issued here at mid night on Saturday said the price of petrol has been increased by Rs 1 to take its rates to Rs 253.63 .
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For the last fortnight petrol price was Rs 252.63 per liter and keeping in mind the downward trend in the price of crude oil in the global market there was an indication of sharp decline in its rates. The government , however , not only deprived the commuters of relief in the petrol prices , but jacked up petrol price by Rs 1 for the current fortnight
Pakistan reviews the rates of petroleum prices on the basis of fluctuation in its rates in the international market. There was a possibility of cutting down the price of petrol on the eve of Eidul Azha. But those who were expecting relief in the price of petroleum products got the news of increase in the rate of petrol with a surprise.
The federal government is following a strategy of announcing the price of petroleum products twice in a month.
The government uses the biannual adjustment in the rates of petroleum products. In the current fiscal year, the federal government has not passed on the reduction in the price of petroleum products to the end consumers. The federal government is using the opportunity of lowering prices in the international market to enhance IMF demanded levy on petroleum products .
The government of Shahbaz Sharif was already getting Rs 78 levy on each liter of petroleum products and with new adjustment the tax (Levy on petroleum products ) will cross Rs 85 per litre. The government has collected Rs 1.25 trillion in the first 11 months of the current fiscal against its target of Rs 900 billion for 2024-25.