World News | Pakistan Govt Increases GST from 17 Pc to 18 Pc
Get latest articles and stories on World at LatestLY. Despite a recovery in the Pakistani rupee (PKR)'s value, the country's manufacturers are yet to give the consumers any respite in prices.
Islamabad [Pakistan], February 17 (ANI): The Pakistan government on Wednesday while adding fuel to the consumer's misery, increased the General Sales Tax (GST) to 18 per cent from 17 per cent along with federal excise duty, Pakistan based The Dawn newspaper reported.
Despite a recovery in the Pakistani rupee (PKR)'s value, the country's manufacturers are yet to give the consumers any respite in prices.
Pakistan Vanaspati Manufacturers Association General Secretary Umer Islam Khan estimated a jump of PKR 3-5 per kg/litre in ghee and cooking prices after the GST hike.
He said commercial banks are still showing reluctance in opening letters of credit (LCs) for importing edible oils. Usually, shipments take around 45-60 days to arrive at Karachi ports after the opening of LCs, Dawn newspaper reported.
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"If this situation persists, the industry would be unable to meet the demand for ghee/cooking oil in Ramazan," he said.
Hours after unleashing a tax-loaded mini-budget, Pakistan on Wednesday night hiked up the prices of petrol and gas to a historic high in a bid to appease the International Monetary Fund (IMF) for unlocking the critical loan tranche, reported Geo News.
The petrol price has been increased to PKR 272 per litre after an increase of PKR 22.20, a press release from the Finance Division read, noting that the surge has taken place due to the rupee's devaluation against the dollar.
The price of high-speed diesel has been increased to Rs 280 per litre after a hike of PKR 17.20. Kerosene oil will now be available at PKR 202.73 per litre following a PKR 12.90 hike. Meanwhile, light diesel oil will be available at PKR 196.68 per litre after an increase of PKR 9.68.
The new prices will come into effect from 12 am Thursday, reported Geo News. (ANI)
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