Petrol prices likely to jack up by Rs20 from Sept 1: sources
The federal government is likely to raise petroleum prices by up to Rs20 per litre — AFP/File ISLAMABAD: In a bid to get stalled $6 billion IMF bailout package revived, the coalition government is likely to raise the prices of petroleum products by up to a whopping Rs20 per litre from September 1, revealed well-placed sources. In the letter of intent (LoI) to the IMF, the government had said, in writing, that they have imposed a sales tax on petroleum products. The sources, however, said that the rate of sales tax on the commodity is likely to be raised from the next month, Daily Jang reported. In order to fulfil the pre-requisites of the IMF, the federal government is likely to abolish the sales tax exemptions on petroleum products for the agricultural sector from September 1, the sources added. The authorities are mulling introducing 10.5% sales tax on petroleum products from October under the conditions set by the International Monetary Fund (IMF). It is pertinent