No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
    • ZABTHEATRE’23
  • Tech
  • Stories
  • Education
  • YourCut
  • Business
  • National
  • World
  • Sports
  • Entertainment
    • ZABTHEATRE’23
  • Tech
  • Stories
  • Education
  • YourCut
No Result
View All Result
No Result
View All Result

Petroleum prices increased by Rs22 per litre to fulfill demands of IMF

Zain Aijaz by Zain Aijaz
February 16, 2023
in Business, Featured, Latest News, National, News, Politics, Top News
Reading Time: 2 mins read
Petroleum prices increased by Rs22 per litre to fulfill demands of IMF

ISLAMABAD: After the tax-heavy mini-budget by the Ministry of Finance, the federal government has raised the petroleum prices by Rs22 to fulfill the demands of the International Monetary Funds (IMF) and revive the $7 billion Extended Fund Facility (EFF). As per the notification, the petrol price has been increased by Rs22.20 and the high-speed diesel by Rs17.20.

After the notification, petrol will be available at Rs272 per litre. The high-speed diesel’s new price is Rs280. Meanwhile, the rate of kerosene has also gone up by Rs12.30 and will sell at Rs202.73 per litre. Light-speed diesel price has also gone up by Rs9.68 and reached Rs196.88 per litre.

Mini-Budget
The government has increased the GST rate on all items from 17% to 18%. The Federal Board of Revenue (FBR) had earlier increased the tax on cigarettes. According to the notification issued by FBR, sales tax on all packaged goods has been increased, after which edible oil, ghee, biscuits, spices, jam, jelly, noodles, toys, chocolates and coffee have become expensive.

The new notification will also apply to make-up products, shaving foam, shampoo, cream, lotion, soap and toothpaste. With the increase in the sales tax rate, TV, LED, LCD, smart mobile phones, iPods, computers, laptops and gadgets, juicers, blenders, shakers and other electronic machinery have become more expensive. Economic analysts said that the increase in the GST rate would burden the public by more than 50 billion rupees.

The federal excise duty on cement has been reduced from Rs1.5 per kg to Rs2. In the mini-budget, it is proposed to levy a 10 per cent withholding advance income tax on the bills of wedding ceremonies.

Finance Minister Ishaq Dar said that measures taken would stabilise prices and increase incomes. He added that the GDP would grow better, and initially, the progress of economy would remain slow. Ishaq Dar added that there would be no additional tax on wheat, rice, milk, pulses, vegetables, eggs, chicken and meat.

Zain Aijaz

Zain Aijaz

Zain is a media student and a writer by passion. He is a certified creative writer from Wesleyan University and enthusiastically writes on non-fiction and political satire. He is vastly experienced in the field of theatre and has served as a theatre mentor across different institutions. Currently, he is a contributor at The Upcut and can be reached at zainaijazdehlvi@gmail.com

Related Posts

Karandaaz and Vizpro Partner to Digitize Retail Payments and Expand Financing Access for Small Merchants
Business

Karandaaz and Vizpro Partner to Digitize Retail Payments and Expand Financing Access for Small Merchants

May 2, 2025
Transforming small business finance for inclusive growth
Business

Transforming small business finance for inclusive growth

April 25, 2025
EBM-Peek Freans Young Pipers’ Club Launched Pakistan’s First AI Curated Content For The Youth
Business

EBM-Peek Freans Young Pipers’ Club Launched Pakistan’s First AI Curated Content For The Youth

April 9, 2025

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TOP NEWS

Killed

Young trader killed during robbery bid in Karachi

by News Desk
December 2, 2024

A 22-year-old trader was tragically shot dead during a robbery attempt on New M.A. Jinnah Road on Sunday evening, according...

KSE-100 index lose over 500 points as PSX experiences negative trend

PSX soars over 1,200 points amid optimism on inflation and interest rate cuts

by News Desk
December 2, 2024

The Pakistan Stock Exchange (PSX) maintained its bullish momentum on Monday as the benchmark KSE-100 index surged 1,248.84 points, or...

PTI suspends Islamabad protest following deadly clashes, appeals for justice

PTI suspends Islamabad protest following deadly clashes, appeals for justice

by News Desk
November 27, 2024

The Pakistan Tehreek-e-Insaf (PTI) announced the suspension of its Islamabad sit-in early Wednesday after a day of intense clashes in...

PSX in boorish trend for second consecutive day; benchmark KSE-100 index lost over 700 points

KSE-100 Index surges over 600 points amid banking sector rally

by News Desk
November 25, 2024

Bullish sentiment dominated the Pakistan Stock Exchange (PSX) on Monday as the KSE-100 index climbed 621.85 points, or 0.64 per...

The Upcut is a news platform that brings you the latest news, developments from all walks of life, from all over the world. We cover Business, news from Pakistan and rest of the world, Sports, and Entertainment. You can also read Tech Reviews and How-To Guides for simple solutions and dailylife hacks.

BUSINESS   |   NATIONAL   |   WORLD   |   SPORTS   |   ENTERTAINMENT   |   TECH   |   HOW-TO GUIDES

  • Home
  • About Us
  • Privacy Policy
  • Editorial Guidelines
  • Contact Us
  • Stories

Copyright © 2022 The Upcut. All rights reserved.

No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
    • ZABTHEATRE’23
  • Tech
  • Stories
  • Education
  • YourCut

Copyright © 2022 The Upcut. All rights reserved.

Go to mobile version