There could be a 9.5 rupee increase in the price of gasoline per liter starting on April 1, as reported by the media.
It is anticipated that the new price of petrol will be between Rs279.75 and Rs289.25 following any potential rise.
Sources, however, claim that the government had planned to raise the petroleum duty from Rs. 60 to Rs. 100. The petroleum development levy has undergone a number of changes recently, with a notable increase in FY-2023.
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Additionally, according to individuals familiar with the matter, the federal government is debating whether to propose imposing a General Sales Tax (GST) on gasoline or raising the present rate of charge in order to comply with the IMF’s demand to reinstate the 18% GST on gasoline.
In the budget for the upcoming fiscal year, a rise in the gas tax from Rs. 60 to Rs. 100 per liter is planned.
At the moment, gasoline and diesel are subject to a levy of Rs60 per liter, which generates an estimated Rs 950 billion in income annually. Since March 2022, the GST on fuel goods has stayed at 0%.
The planned GST rate in the budget was 18%.
