Petroleum Products
Due to the current economic conditions of the country, the government has started considering increasing the levy on petroleum products and imposing GST. The federal government has prepared a plan to revive the economy.
According to media reports, the government has started work on preparation of preliminary proposals for economic recovery and mini-budget. The details of the proposed project were presented at the National Security Committee meeting yesterday.
According to the plan, the targeted subsidy will be given only to the low-income section of the society, while the petroleum levy on petroleum products and gas is proposed to be Rs.50 to Rs.100 per liter. Recovery is part of the plan.
According to the proposed plan, the funds transferred to the provinces will be linked to line losses in the gas and electricity sector, while current account deficits will be met through rationing of petrol, electricity and gas, apart from Rs. A proposal to determine the value of the dollar on a market basis is included in the economic recovery plan.
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Restructuring of domestic and foreign debt is also proposed as part of the economic recovery plan. A 10-year comprehensive plan will be prepared for the improvement of the country’s economy, the plan will be shared with friendly countries and asked for structured support, these countries include China, UAE, Saudi Arabia, Qatar, the European Union and the United States.
