Petrol Prices hit High at PKR 272 a litre After 'Mini Budget' Pass by Govt

Newstoday: On Thursday, a plea was submitted to the Lahore High Court asking that the recent rise in petroleum product prices be reversed. A person called Munir Ahmed, via his attorney Azhar Siddique, filed the petition. He has named the (Ogra), the Petroleum Minister, and other parties as respondents in the complaint. The petitioner stated that the rise in gasoline prices was unlawful and urged the high court to rule that the government's notification of the price increase null and invalid. The price of gasoline was raised by the federal government by Rs22.20 per liter overnight, bringing it to Rs272 per liter. After such an increase of Rs17.20, the policy of rising diesel has been set at Rs280 per liter. Kerosene oil and lite diesel oil now cost Rs12.90 and Rs9.68 more per liter, respectively. Kerosene oil increased by Rs12.90 to reach Rs202.73 per liter, while light diesel oil increased by Rs9.68 to reach Rs196.68 per liter. The government is attempting to restart the (IMF) loan program, which has been frozen since September of last year, in part through the hike in gasoline prices.

Ishaq Dar, the minister of finance, introduced the Financial services Supplementary Bill 2023 on Wednesday in the lower house to meet the requirements of the international bank in order to obtain the crucial government loan that would prevent the nation from defaulting. General Sales Tax (GST) on luxuries would rise from 17% to 25% under the proposed budget, while (FED) on executive and first-class airline tickets will rise to Rs20,000 or 50%, whichever is greater. The finance minister also suggested increasing FED on cigarettes, soft drinks, and sugary beverages, as well as implementing a 10% withholding variable advance taxable income on invoices of wedding events.