POL Prices Are Likely To Go Up By Rs10 From July 1

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POL prices are likely to go up by Rs10 from July 1

The sources say talks are underway between Pakistan and the IMF on MEFP and from July 1, sales tax of 5% on petrol and a levy of Rs 10 could be imposed.

ISLAMABAD: (UrduPoint/Pakistan Point News-June 30th, 2022) The Federal government is likely to increase prices of petroleum products by Rs 10 from July 1 (Friday) amid pressure of the International Monetary Fund (IMF).

The Memorandum of Economic and Financial Policy (MEFP) which Pakistan recieved from the International Monetary Fund (IMF) would combine the seventh and eighth tranches.

Under MEFP, economic discipline is necessary in Pakistan after which more tough decisions would have to be taken from July 1.

The sources said that talks were underway between Pakistan and the IMF on MEFP and from July 1, sales tax of 5% on petrol and a levy of Rs 10 could be imposed.

They said that electricity might also become more expensive and a tough target had to be met to reduce energy losses from July 1 while government agencies would also have to meet a strict target to reduce losses.

Abdullah Hussain

Abdullah Hussain is a staff member who writes on politics, human rights, social issues and climate change.