Car prices in Pakistan are expected to go down from July this year due to Pakistan and International Monetary Fund (IMF) agreement.
The two agreed to reduce the country’s weighted average tariffs to 6 percent over five years.
The government has announced major changes, including the removal of additional customs duties and an 80 per cent cut in regulatory duties.
Under the new policy, a 7 per cent additional customs duty on certain goods and a 2 per cent duty on zero-tariff items will also be removed.
For the auto sector, all additional customs and regulatory duties will be phased out by 2030, with a maximum import tariff set at 20 per cent.
High car prices in Pakistan
Car prices in Pakistan remain out of reach for the middle class amid rising costs.
Earlier, Pak Suzuki Motor Company raised car prices, with increases reaching up to Rs120,000 due to upgrades in Alto variants.
The Alto VXR AGS price went up by Rs95,000 to Rs2,989,000, while the Alto VXL AGS saw the same increase, now costing Rs3,140,000.
The price of the Suzuki RAVI pickup also jumped by Rs100,000, bringing its new price to Rs1,956,000.
Car sales in Pakistan saw a sharp 73 per cent increase in a month, reaching 17,010 units, according to the latest PAMA data.
