The retail price of MG Essence has been increased by 19 per cent amid hike in sales tax and devaluation of Pakistani Rupee (PKR) against US dollar.
The federal cabinet approved the Finance Supplementary Bill 2023 allowing increase in general sales tax to 18 per cent and additional taxes on luxury items as part of the reforms related to the International Monetary Fund’s Ninth Review.
Furthermore the devaluation in local currency and uncertain economic situation also accounts for the price hike of MG Essence.
The uncertain economic situation has made it extremely difficult for MG Motors Pakistan to hold the current retail selling prices, and therefore, the company has decided to pass on the impact to the market.
The increased price of the SUV is effective from February 15, 2023.
The price of MG Essence on all the new orders is increased by Rs1,300,000 to Rs8,199,000 as compared to previous price tag of Rs6,899,000.
The customers have to pay extra Rs10,000 for the existing orders of SUV with delivery time of February/March.
MG HS is locally manufactured by MG Motors Pakistan under the variant name ‘Essence’.
