Budget Latest: Govt Likely to Impose 5% Sales Tax on Petroleum Products

Petrol, diesel and other fuel categories are expected to get more expensive as the federal government has proposed a 5 percent sales tax on petroleum products in federal budget 2024-25, sources told ProPakistani. Currently, the sales tax rate on petroleum products stands at zero, while the petroleum levy is Rs. 60 per liter on both MS and HSD. Sources warned that the petroleum levy could spike to at least Rs. 80 per liter in FY25. The FY25 budget is expected to impose substantial taxes to help the government earn more revenue and potentially unlock a new bailout program from the International Monetary Fund. For live updates on everything about the Federal Budget, visit this link.