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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

Ecuador government drops fuel prices following protest deal Thousands of Indigenous protesters left Quito after leaders signed an agreement with the government to end 18 days of cost-of-living demonstrations. Fast-rising fuel prices were the catalyst for the protests called by the powerful Confederation of Indigenous Nationalities (Conaie). Five civilians and a soldier died in the protests that started on June 13, and hundreds were injured on both sides. The government in Ecuador reduced fuel prices on Friday as