In Pakistan, there will be a massive increase in fuel costs, with diesel going up by Rs 119

Pakistan’s economy is in shambles, and the country’s citizens may be dealt another hit when petrol and diesel prices rise by Pakistani Rs 83.5 and Rs 119 a litre, respectively.

Shehbaz Sharif, Pakistan’s new Prime Minister, has stated that the country’s economy stagnated under his predecessor, Imran Khan, implying that the country’s citizens will continue to experience high inflation despite the change in leadership.

The Oil and Gas Regulatory Authority (OGRA) has recommended that the federal government raise fuel prices by up to Rs 83.5 per litre of petrol and Rs 119 per litre of diesel starting on Saturday.

The Pakistani authority in charge of the oil and gas sector has delivered a report to the Petroleum Division.

Currently, the prevailing charge for fuel and diesel is Rs30 per litre, plus GST of 17%. On the basis of complete levy and taxes, the body has recommended raising petrol prices by Rs 83.5 per litre, while diesel prices should be raised by Rs 119 per litre.

For other petroleum products, a full tax rate and levy hike of Rs77.31 was suggested for light diesel, Rs36.5 for kerosine oil, and Rs38.89 for light diesel.

According to reports, the finance ministry would make a final decision on the OGRA summary after consulting Prime Minister Shehbaz Sharif.

“At present taxes, the rate rise OGRA has sought for is Rs 21/litre in Petrol and Rs 51/litre in Diesel,” Hammad Azhar, former energy minister and current focal person for economic for Pakistan Tehreek-e-Insaf (PTI), posted on Twitter. This is the differential that the PTI government successfully subsidised in order to bring assistance to the public.”

“In every plan, OGRA displays two options: one with full taxes and one with prevalent taxes.