Petrol Price To Go Up in September After Govt Agrees To Increase Petroleum Levy By Rs. 10

Petrol price will most likely be increased, once again, after the federal government agreed to jack up the petroleum levy by 10 rupees.

According to media reports, International Monetary Fund (IMF) has been given assurance by the federal government that it will raise the petroleum levy to Rs50 per litre in the Letter of Intent (LoI) sent back ahead of August 29th’s board meeting.

IMF has received written assurance that the petroleum levy would be increase by Rs. 10 per litre in September. The LoI was sent back after Minister for Finance Miftah Ismail and Governor State Bank of Pakistan Dr Murtaza Syed signed the documents.

It should be noted that just over a couple of days ago, PML N led federal government had increased the price of petrol by Rs6.72 per litre.

The latest increase came as a surprise as the Pakistani rupee made significant recovery against US dollar, besides the decrease in the petroleum prices in the international market.

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