The prices of petroleum products are likely to go up again as the government on Monday announced increasing petroleum development levy (PDL) by Rs4 every month under an agreement with the International Monetary Fund (IMF). Finance Adviser Shaukat Tarin, flanked by Finance Minister Hammad Azhar, briefed the media in Islamabad on the staff-level agreement reached with the IMF earlier today. The Pakistani authorities and IMF had reached a staff-level agreement on policies and reforms needed to complete the sixth review under the EFF. The adviser said after prolonged negotiations with the international lender, IMF agreed to reduce the tax target of PDL to around Rs365 billion. It may be noted that petroleum prices in Pakistan have touched an all-time high with petrol being sold at Rs146 per litre.

Source: The Express Tribune November 23, 2021 06:59 UTC