Pakistan in BIG trouble after Israel-Iran war; petrol, diesel prices skyrocket, 1 litre costs Rs…
Pakistan petrol price: Pakistan’s economy, which was already in shambles, is now experiencing the aftereffects of the recent Israel-Iran war as inflation is peaking again, while the prices of petrol and diesel have skyrocketed in the last few weeks due the surge in crude oil prices in the aftermath of Israel’s war on Iran.
Petrol, diesel prices hiked in Pakistan
According to reports, Pakistan on Monday hiked prices of petrol and diesel in wake of surging global crude oil prices. The price of petrol has been increased Rs 8.36 per litre and diesel by Rs 10.39 per litre for the next fortnight ending July 15. In a statement, Pakistan’s federal finance ministry said the prices of petroleum products have been hiked in view of the fluctuations in the international market.
What are current petrol, diesel prices in Pakistan?
Currently, the ex-depot price of high-speed diesel (HSD) in Pakistan is Rs 272.98/litre, up from Rs 262.59/litre, an increase of Rs 10.39/litre. HSD drives a major portion of transportation and is used in heavy vehicles, trains and agricultural engines like trucks, buses, tractors, tubewells and threshers.
The spike in HSD prices is expected to raise the prices of vegetables and other essential food items.
Similarly, the ex-depot price of petrol has been increased from Rs 258.43 per litre to Rs 266.79 per litre, an increase of Rs 8.36 or 3.3 percent. Petrol is mostly used in private transport, small vehicles, rickshaws and two- wheelers and it directly affects the lives of middle and lower middle classes.
How much tax is Pakistan govt levying on fuel?
According to Pakistani media reports, the government has also increased taxes on petrol and high speed diesel to Rs 100/litre, an increase of Rs 2.5. The revised tax rates came into effect from today (July 1). The Pakistani government is also collecting a custom duty of Rs 19/litre on petrol and HSD, in addition to distribution and sales margin of Rs 17/litre that goes to the oil companies and their dealers.
However, the General Sales Tax (GST) on petroleum products remains nil.
Notably, global crude oil prices witnessed a record spike during the 12-day Israel-Iran war, crossing $81 per barrel.
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