KARACHI: Pakistanis are unlikely to get any relief in the form of a cut in the prices of petroleum products in the next fortnightly review, JEE News learned on Monday.
According to people associated with the oil industry and the public sector, the next revision in petroleum prices is unlikely to bring any relief to consumers, as international prices of crude and petroleum products have left room for the government to cut prices. did not leave
People said that the ex-refinery prices of diesel and petrol are showing a slight decline for the next fortnight. However, it could not be adjusted to bring down the prices of petroleum products as the government is yet to adjust for exchange losses, which have been ongoing for a long time.
He believes that in the last fortnightly review, the government did not adjust the prices of petroleum products without adjusting the foreign exchange loss, which is likely to be adjusted in the next review.
With the International Monetary Fund’s (IMF) demand to raise additional revenue by increasing the petroleum levy on diesel and the need to adjust for the loss of foreign exchange, the government has decided to reduce the prices of petroleum products to end consumers. Was not in position.
At present, the government is levying a petroleum levy of Rs 50 on petrol and Rs 12 on diesel, while the agreement with the IMF requires it to jack up the levy on diesel to raise additional revenue.
People pointed out that if the government adjusts for the foreign exchange loss and hikes the petroleum levy on diesel to Rs 50 as per IMF conditions, the price of diesel could increase manifold.
However, he added, it is likely that there may be some increase in the petroleum levy rate as well as an adjustment in foreign exchange losses, which will lead to the retail price of diesel as well as petrol in the next fortnightly review of fuel prices. May also increase.
He said that the government is delaying the implementation of General Sales Tax (GST) to avoid a sharp increase in the prices of petroleum products. However, the IMF was pressuring the country to implement it.
People said that GST can be imposed on petrol as the petroleum levy on it has already touched the highest level.
Current prices
Commodity | Existing prices w.e.f. 16.10.2022 | New prices w.e.f. 1.11.2022 | Increase/(-) Decrease |
| Petrol | Rs224.80 | Rs224.80 | Rs0 |
| Diesel | Rs235.30 | Rs235.30 | Rs0 |
| Kerosene oil | Rs191.83 | Rs191.83 | Rs0 |
| Light diesel oil | Rs186.50 | Rs186.50 | Rs0 |
