According to reports, the extra money which will be charged by rich people in Pakistan would be used as funds to subsidise fuel for low-income people.
The Shehbaz Sharif government is likely to further increase petrol prices in the country. The new prices may be effective from February 16.
Waiting for the International Monetary Fund (IMF) bailout for the 9th time, the price of one litre of milk in Pakistan is currently PKR 210, Rs 20 up from 190 per litre last week.
Pakistan economic crisis: Not just with foreign exchange reserves, Pakistan is also dealing with a depreciating value of its currency against the dollar which is rising the cost of imports, especially fuel, and food.
Industry sources said the ending of extended monsoon rains in most parts of the country and a pick up in agriculture season led to a rise in diesel demand.
Union Finance Minister Nirmala Sitharaman had in her Budget for the fiscal year beginning April 2022 brought a Rs 2 per litre additional levy on petrol and diesel that is not blended with ethanol and bio-diesel, respectively.
Delhi government will launch its 24X7 war room on October 3 to combat pollution and ensure effective and serious implementation of amended Graded Response Action Plan (GRAP).
This is the first quarterly loss in over two years. The company had reported a net loss in January-March 2020, but that was on account of inventory losses on processing costlier crude.
A decision to reduce VAT on fuel will be taken in the state cabinet, Shinde informed the House, while replying to a debate after he won the floor test.
The levy on crude, which follows record earnings by state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) and private sector Cairn Oil & Gas of Vedanta Ltd, alone will fetch the government Rs 67,425 crore annually on 29 million tonnes of crude oil produced domestically.
Many are hopeful that this time apart from petrol and diesel, a decision should be taken on bringing liquor under GST. However, there is no official word on these developments.
Petrol, Diesel shortage: Rumours about fuel shortage started doing the rounds after long queues over the weekend were spotted at petrol pumps in Rajasthan, Uttarakhand and Gujarat.
According to Pakistan's finance minister, the hike in petrol price has been aimed at ensuring the revial of the International Monetary Fund (IMF) programme.
Reports said that the loss to the exchequer post the reduction of excise duty on petrol and diesel will be borne through additional borrowings.
Amid the blame-game between the Centre and Opposition over the intention of reducing the fuel prices, Finance Minister Nirmala Sitharaman put some facts before the people saying criticism/appraisal can benefit from having them before us.
The government on Saturday cut excise duty on petrol by a record Rs 8 per litre and that on diesel by Rs 6 per litre to give relief to consumers battered by high fuel prices that have also pushed inflation to a multi-year high.
LPG cylinder price cut: After cutting down on petrol and diesel prices, the government also reduced the price of LPG cylinders by Rs 200.
The Union Cabinet has approved advancing the target of blending 20 per cent ethanol in petrol by 5 years to 2025-26 as well as allowing more feedstocks for the production of biofuels in a bid to cut reliance on imported oil for meeting the country's energy needs.
As per the sources, ahead of Pakistan's talks with the International Monetary Fund (IMF) for the revival of the USD 6 billion loan programme, the Shehbaz government will abandon the fuel subsidy on Sunday, as per Geo TV.
Hardeep Singh Puri said that the BJP-ruled states levy less VAT on petrol and diesel than the opposition ruled states.
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