The government of Pakistan has already imposed Rs. 10 per liter levy on petroleum from July 2022, which will have to be further increased by another Rs. 10 from August 1, 2022 until it gradually reaches Rs 50 per liter. Petrol prices in Pakistan today August 2022 will be increased by Rs. 10.
Government to increase petroleum levy on IMF demand?
It is hinted by the analyst that the government to increase petroleum levy on IMF Demand. The government of Pakistan will once again raise the petroleum levy to meet the remaining one prior condition that IMF (International Monetary Fund) had set for calling the board meeting to revive the program.
While speaking at a seminar, the Finance Minister Miftah Ismail hinted that the petroleum levy would now be reviewed and the IMF Board would hold its meeting by the end of the next month. In a report, government officials confirmed to the media that the government will have to jack up the petroleum levy further from August 1, 2022, for implementing the last prior action of IMF.
Due to rising dollar rate
PDM Govt has to announce an increase in petrol price on 1st August else risk of Pakistan going bankrupt will increase https://t.co/1tiiflOptG
— Naveed Nadeem (@naveednadeem91) July 27, 2022
The Finance Minister Miftah Ismail said that the IMF had set the previous conditions of approval of the new budget, a memorandum of understanding with the provinces to create cash surpluses, raising petroleum levy rates, increasing electricity prices in the month of July, August, and October, and increasing interest rates. He said that these conditions have been met.
The government has already imposed Rs. 10 per liter levy on petrol from July 2022, which will have to be further increased by another Rs. 10 on August 1 until it gradually reaches Rs. 50 per liter. Currently, petrol is being sold at Rs 230.24 per liter and diesel at Rs. 236.
A day earlier, the local currency plunged to a new low against the US dollar, which continued to strengthen for the ninth straight session in the interbank market. The greenback closed at an all-time high of Rs. 236.02 in the interbank market, up from Rs 232.93 a day earlier, as it shed Rs 3.09 or 1.31%.
Senate Standing Committee on Finance held a meeting under the chairmanship of Saleem Mandiwala. Senator Dinesh Kumar said in the meeting that the current rate of the dollar should be 219 rupees. Revealed that five lakh dollars have been seized from a person in Quetta. Close three borders and the dollar will automatically come down.
He further said that if oil is imported from Iran, petrol will be available in Pakistan for 150 rupees. Anwar-ul-Haq Kakar said that if oil is brought from Iran, our provincial leadership will be affected. Important people collect 5 crore rupees in one night. On the other hand, Amir Jamaat-e-Islami Balochistan Maulana Abdul Haq Hashmi has said that the rulers and the opposition are busy saving their seats and have nothing to do with the increase in dollar and petrol prices and loans.
To solve the long-standing problems of Balochistan and the provincial capital, the rulers have to show seriousness and sincerity. The rulers of Balochistan have never been sincere to the people. Inflation, corruption are the problems created by the rulers, Jamaat-e-Islami is running a public awareness campaign against these problems.
Action should be taken on the victims of rain. He said that the parties included in the federal and provincial governments have also exploited the oppressed people of Balochistan. There is no guardian and heir of the people of Balochistan. It has not been possible to eradicate corruption. Jamaat-e-Islami, like the rest of the country, is running a public awareness campaign against corruption, unrest and inflation in Balochistan. God willing, we will wake up the accountability institutions.