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New petroleum prices in Pakistan effective from December 01, 2022

ISLAMABAD: The finance division on Wednesday issued the new prices of petroleum products with effect from December 01, 2022.

According to a notification, the prices of petroleum products with effect from December 01, 2022 will be as follows:

Petrol price will be remained unchanged at Rs224.80 per liter.

READ MORE: Pakistan may impose petroleum tax to avert revenue shortfall

The rate of high speed diesel (HSD) will also be remained unchanged at Rs235.30 per liter.

The price of kerosene has been reduced by Rs10 per liter to Rs181.83 from Rs191.30.

Likewise, the price of light diesel oil has been reduced by Rs7.50 per liter to Rs179.00 from Rs186.50.

Experts said that the government had revised the prices for the next fortnight amid sharp fall in international oil prices.

READ MORE: Petroleum prices in Pakistan for next fortnight effective from November 16, 2022

However, on the other hand the depreciation in rupee value and imminent imposition of sales tax on petroleum products the benefit of decline in international oil prices may not pass on to domestic consumers.

The benchmark Brent crude oil ended at $83.19 a barrel on November 28, 2022, having slumped more than 3 per cent to $80.61 earlier in the session for its lowest since January 4, 2022.

The Brent crude has hit above $120 per barrel during mid-June this year and now fell to the present level leaving ample room to the present government to revise downward the prices to provide relief the domestic consumers.

READ MORE: Petroleum prices in Pakistan effective from November 01, 2022

On the other side the government was considering to impose sales tax on petroleum products in order to satisfy International Monetary Fund (IMF) for upcoming talks, which were already delayed.

Experts believed that the imposition of sales tax on petroleum products would increase the retail prices as well as result in high inflation.

Experts was anticipating rise in petroleum prices were imminent in the next review as the government was under immense pressure from the IMF to impose sales tax on petroleum products.

READ MORE: Pakistan keeps petroleum prices unchanged from October 16, 2022

At present the government adopted a policy to keep zero sales tax on petroleum products instead flat rate of 17 per cent. Furthermore, the government also committed to apply petroleum levy to generate more revenue for curtailing budget deficit.

December 1, 2022
Pakistan keeps prices of petrol, HSD unchanged till December 15, 2022

ISLAMABAD: Pakistan on Wednesday kept the prices of petrol and high speed diesel (HSD) for next fortnight starting December 01, 2022.

However, the prices of kerosene oil and light speed diesel (LDO) reduced by Rs10 per liter and Rs7.5 per liter, respectively.

READ MORE: Pakistan to decide petroleum prices effective from December 01, 2022

Finance Minister Ishaq Dar in a press conference announced the revision in petroleum prices for the period December 01 to 15, 2022.

Previously, on September 30, 2022 the government made changes in petroleum prices.

READ MORE: Pakistan may impose petroleum tax to avert revenue shortfall

The new prices of petroleum products for next fortnight will be as follow:

The prices of petrol and HSD shall be Rs224.80 per liter and Rs235 per liter, respectively.

However, the rate of kerosene shall be reduced by Rs10 to Rs181.83 per liter from Rs191.83. Similarly, the price of LDO shall be reduced by Rs7.50 to Rs179 per liter from Rs186.50.

READ MORE: Petroleum prices in Pakistan for next fortnight effective from November 16, 2022

The benchmark Brent crude oil ended at $83.19 a barrel on November 28, 2022, having slumped more than 3 per cent to $80.61 earlier in the session for its lowest since January 4, 2022.

The Brent crude has hit above $120 per barrel during mid-June this year and now fell to the present level leaving ample room to the present government to revise downward the prices to provide relief the domestic consumers.

READ MORE: Petroleum prices in Pakistan effective from November 01, 2022

November 30, 2022
Pakistan to decide petroleum prices effective from December 01, 2022

Pakistan will decide petroleum prices on Wednesday November 30, 2022 for next fortnight starting from December 01, 2022.

The country will revise the petroleum prices for the next fortnight amid sharp fall in international oil prices. However, on the other hand the depreciation in rupee value and imminent imposition of sales tax on petroleum products the benefit of decline in international oil prices may not pass on to domestic consumers.

READ MORE: Pakistan may impose petroleum tax to avert revenue shortfall

The benchmark Brent crude oil ended at $83.19 a barrel on November 28, 2022, having slumped more than 3 per cent to $80.61 earlier in the session for its lowest since January 4, 2022.

The Brent crude has hit above $120 per barrel during mid-June this year and now fell to the present level leaving ample room to the present government to revise downward the prices to provide relief the domestic consumers.

However, on the other side the government is considering to impose sales tax on petroleum products in order to satisfy International Monetary Fund (IMF) for upcoming talks, which were already delayed.

Experts believed that the imposition of sales tax on petroleum products would increase the retail prices as well as result in high inflation.

READ MORE: Petroleum prices in Pakistan for next 10 days; what next?

At present the prices of petroleum products till November 30, 2022 are: price of petrol is Rs224.80 per liter; high speed diesel Rs235.30 per liter; kerosene oil Rs191.83; and light diesel oil Rs186.50 per liter.

In the latest review on November 15, 2022 the government decided to keep the prices unchanged for the fortnight ending November 30, 2022.

It was third straight announcement to keep the prices of petroleum products unchanged. Previously, on September 30, 2022 the government made changes in petroleum prices.

Experts said that the rise in petroleum prices were imminent in the next review as the government was under immense pressure from the IMF to impose sales tax on petroleum products.

At present the government adopted a policy to keep zero sales tax on petroleum products instead flat rate of 17 per cent. Furthermore, the government also committed to apply petroleum levy to generate more revenue for curtailing budget deficit.

READ MORE: Petroleum prices in Pakistan for next fortnight effective from November 16, 2022

Besides, the exchange rate is again showing a deterioration in rupee value against the dollar. The US dollar continued to make gain for seventh straight session against the Pakistani Rupee (PKR) on November 28, 2022 and reached PKR 223.95 in the interbank foreign exchange market.

The latest import data showed that the petroleum prices were on the higher sides as the country spent more money for import of lesser quantity of petroleum products.

The imports of petroleum products recorded a decline 1.75 per cent to $2.84 billion during July – October of fiscal year 2022/2023 as compared with $2.89 billion in the corresponding period of the last fiscal year.

However, import of petroleum crude recorded an increase of 6.61 per cent to $1.73 billion during the period under review as compared with $1.62 billion in the corresponding period of the last fiscal year.

READ MORE: Petroleum prices in Pakistan effective from November 01, 2022

Interestingly, quantities of both the segments fell 34.43 per cent and 23.26 per cent during the first four months of the current fiscal year, showing surge in prices of the international prices.

Although the present government has kept the prices during last three review under political pressure. But considering the present scenario of fiscal deficit and IMF pressure the government may take tough decision in coming days.

November 29, 2022
Pakistan may impose petroleum tax to avert revenue shortfall

ISLAMABAD: Pakistan likely to impose tax on petroleum products to avert imminent shortfall in revenue collection.

Reports suggested that the Federal Board of Revenue (FBR) – the apex tax collecting agency of the country – is anticipating massive revenue shortfall in coming months due to no tax on petroleum products besides slowdown in economic activity.

Reportedly, the FBR may face about Rs500 billion as shortfall in the current fiscal year.

After the first quarter (July – September) 2022/2023, the FBR claimed to present extraordinary performance in revenue collection. “This performance in revenue collection is despite zero rating of Sales Tax on POL products, import compression and the prevailing situation of floods,” the FBR said in a press release.

READ MORE: Petroleum prices in Pakistan for next 10 days; what next?

Experts believed that the imposition of sales tax on petroleum products would increase the retail prices as well as result in high inflation.

At present the prices of petroleum products till November 30, 2022 are: price of petrol is Rs224.80 per liter; high speed diesel Rs235.30 per liter; kerosene oil Rs191.83; and light diesel oil Rs186.50 per liter.

In the latest review on November 15, 2022 the government decided to keep the prices unchanged for the fortnight ending November 30, 2022.

It was third straight announcement to keep the prices of petroleum products unchanged. Previously, on September 30, 2022 the government made changes in petroleum prices.

Experts said that the rise in petroleum prices were imminent in the next review as the government was under immense pressure from the IMF to impose sales tax on petroleum products.

At present the government adopted a policy to keep zero sales tax on petroleum products instead flat rate of 17 per cent. Furthermore, the government also committed to apply petroleum levy to generate more revenue for curtailing budget deficit.

READ MORE: Petroleum prices in Pakistan for next fortnight effective from November 16, 2022

Besides, the exchange rate is again showing a deterioration in rupee value against the dollar. The US dollar continued to make gain for seventh straight session against the Pakistani Rupee (PKR) on November 25, 2022 and reached PKR 223.94 in the interbank foreign exchange market.

The latest import data showed that the petroleum prices were on the higher sides as the country spent more money for import of lesser quantity of petroleum products.

The imports of petroleum products recorded a decline 1.75 per cent to $2.84 billion during July – October of fiscal year 2022/2023 as compared with $2.89 billion in the corresponding period of the last fiscal year.

However, import of petroleum crude recorded an increase of 6.61 per cent to $1.73 billion during the period under review as compared with $1.62 billion in the corresponding period of the last fiscal year.

Interestingly, quantities of both the segments fell 34.43 per cent and 23.26 per cent during the first four months of the current fiscal year, showing surge in prices of the international prices.

Although the present government has kept the prices during last three review under political pressure. But considering the present scenario of fiscal deficit and IMF pressure the government may take tough decision in coming days.

READ MORE: Petroleum prices in Pakistan effective from November 01, 2022

November 26, 2022
Shell Pakistan signs ABHI for voluntary carbon compensation offer

KARACHI: Shell Pakistan Limited has signed ABHI, Pakistan’s first financial wellness platform, as its first official customer for the launch of its new voluntary carbon compensation program, according to a statement issued on Thursday.

This program provides an avenue for all ABHI employees who are using Shell Fuel Cards to offset hard-to-abate carbon emissions from their fuel consumption by using Shell’s global portfolio of carbon credits.

ABHI will be compensating for unavoidable carbon emissions generated from their sales fleet across Karachi, Lahore & Islamabad.

These credits are generated from carbon compensation projects, including both nature projects, such as conservation, afforestation, and so on, and projects from other methodologies, operating around the world.

These projects help avoid or remove greenhouse gas emissions. The emission reductions are independently verified by internationally recognized standards, e.g. Verified Carbon Standard (VCS) and Climate, Community & Biodiversity Standards (CCB), and carbon credits are issued.

Some of these projects further promote the safeguarding of wildlife and communities and support some of the United Nations Sustainable Development Goals.

Speaking at the ceremony, Managing Director and General Manager Mobility for Shell Pakistan, Waqar Siddiqui, stated: “Shell’s approach to emissions reduction follows the ‘avoid-reduce-compensate’ mitigation hierarchy. We recommend this approach to our partners and customers across sectors to accelerate the transition to net zero emissions. The use of high-quality carbon credits is one of the viable ways to mitigate hard-to-abate emissions. We are pleased to support ABHI on their decarbonization journey.”

Omair Ansari, CEO, and Co-Founder at ABHI commented: “Shell is leading global initiatives to reduce carbon emissions and ABHI is proud to be a part of it. ABHI being a fast-growing fintech understands environmental responsibility and always looks forward to supporting climate-friendly initiatives. While we empower people financially, we believe in enabling social change along the way.”

November 24, 2022
K-Electric sees positive outlook despite challenges

KARACHI: K-Electric, a power utility providing electricity to residential, commercial and industrial consumers of Karachi, is confident of positive outlook despite macroeconomic and geopolitical challenges.

“Despite macroeconomic and geopolitical challenges, KE is confident in serving its customers in a reliable and efficient way through a comprehensive, multi-pronged strategy,” said KE’s Chief Financial Officer Muhammad Aamir Ghaziani at a Corporate Briefing Session held at the Pakistan Stock Exchange (PSX) on November 22, 2022.

READ MORE: K-Electric posts huge losses despite 144% jump in tariff adjustment revenue

Sustained investments in the value chain have driven continued improvement in KE’s core business. Since privatization, KE has been able to reduce its transmission and distribution losses from approximately 34% to 15% at the end of FY22.

The utility’s transmission and distribution (T&D) losses have reduced by 2 percentage points at the end of the first quarter of FY23 compared to the same period last year, while generation efficiency has also improved by 0.6 percentage points during this time. Investment of around PKR 62.8 billion in FY22 and PKR 11.6 billion in first quarter of FY23 has been made across power value chain.

READ MORE: Faysal Bank, K-Electric collaborate to ease customer’s payment

KE is also preparing itself for the future. The panel shared plans to add up to 500 MW of efficient, clean energy in the short term to diversify the company’s fuel mix and lower the costs of electricity for the company and consumers alike. Simultaneously, construction works of Dhabeji and KKI grids are underway to allow KE to receive additional supply of up to 2050 MW from the National Grid.

On the distribution front, the company intends to enhance its infrastructure and continue its efforts to reduce distribution losses by rolling out Aerial Bundled Cables (ABCs) on its network and implement new and reengineered processes for an improved customer experience.

Speaking at the event, Sadia Dada, Chief Marketing and Communication Officer, also proudly shared KE’s multi-award winning corporate social responsibility strategy, which is driving grassroots development of the communities it operates in.

READ MORE: KE adjusts electricity bills under FCA relief package

The company shared highlights of its efforts including the installation of water filtration plants, renovation of schools and public parks, and setting up of health camps which have collectively benefitted approximately 200,000 persons.

KE’s flagship Roshni Baji Program also completed its 2nd cohort. Collectively 100 women have undergone training as KE’s neighborhood safety ambassadors as well as the country’s first certified female electricians. Collectively, these women have educated over 463,000 households on safe practices for electricity usage, building safer communities.

READ MORE: NEPRA acknowledges KE’s operational performance

Through different other partnerships, women are also being trained in financial literacy, self-defense, motorcycle operations, and CPR training. Continued awareness on safety through public service messaging has reached hundreds of thousands of people across Karachi’s high-risk areas as well.

The briefing also shed light on external factors which affected KE’s financial performance including, demand disruption due to macro-economic factors, receivables from the Government of Pakistan and related entities, devaluation of the Pak rupee resulting in exchange loss, increases in effective rates of borrowing leading to higher finance cost and increases in consumer tariffs which affected customer’s propensity to pay bills resulting in increase in the provision against doubtful debts.

The Company expects some in increase in growth due to shift of captive consumers to grid during the upcoming winter season and is also working diligently on conversion of captive consumers to grid in line with GoP’s policy as well as simplified New Connection process.

Aligned with the mission of brightening lives by building the capacity to deliver uninterrupted, safe and affordable power to Karachiites, KE will continue to make investments across the value chain, enabling the company to improve operationally whilst progressing on the value creation curve through innovation and technological advancements. However, support from government and regulatory authorities remain critical for the execution of the planned investment

November 24, 2022
China Power serves encashment notice as HUBCO standby letter of credit expires

KARACHI: China Power Hub Generation Company (CPHGC) on Wednesday served an encashment notice to Hub Power Company (HUBCO) under standby letter of credit (SBLC), which expires today i.e. November 23, 2022.

According to a notice of Pakistan Stock Exchange (PSX), an encashment notice has been served by China Power Hub Generation Company (CPHGC) on November 23, 2022, under the Standby Letter of Credit (SBLC) – which expires today- on the issuing bank.

READ MORE: Industries threaten mass protest against gas supply shutdown

To recall, the Hub Power Company (HUBC) had provided SBLC for an aggregate amount of $150 million to guarantee an investment in the form of equity or subordinated debt to satisfy the funding shortfall, if any, in CPHGC;

a) To achieve completion of the project to the satisfaction of the lenders; and

b) To repay all principal, interest, fees or any other amounts that may fall due by CPHGC under the finance documents to the finance parties.

READ MORE: SSGC stops gas supply to industries under load management plan

Moreover, shares held by Hub Power Holding Limited (HPHL) in CPHGC were pledged in favor of the security trustee in order to secure the company and HPHL’s obligations under the financing documents of CPHGC.

Analysts at Arif Habib Limited said HUBCO will have to provide a new SBLC within ten (10) days from the date of the encashment notice.

READ MORE: Pakistan has sufficient stock of fuel to meet domestic demand

In case of non-issuance of new SBLC, banks will disburse $150 million to CPHGC, as per the agreement. In this case, a liability (we are assuming subordinated debt) of the same amount will be booked on the books of HUBCO against a receivable from CPHGC.

We believe, CPHGC will repay the SBLC amount to HUBCO after the project completion date (PCD). To recall, CPHGC has not achieved PCD yet.

READ MORE: ECC approves raising petroleum levy to Rs50 per liter on RON 95

In order to calculate the financial impact of the mark-up differential between the amount paid by HUBC to the banks and the amount charged from CPHGC along with the share of profit from associate, we have run a sensitivity assuming different spreads on mark-up charged from CPHGC by HUBC, as illustrated in the Exhibit below.

Our base case scenario assumes zero spread as a company cannot charge a markup lower than its own cost from its associate on a subordinated loan, as per regulations, the analysts said.

November 23, 2022
Petroleum prices in Pakistan for next 10 days; what next?

ISLAMABAD: Following are petroleum prices in Pakistan during next 10 days will or November 30, 2022 if those are not changed earlier:

The price of petrol shall be Rs224.80 per liter; high speed diesel Rs235.30 per liter; kerosene oil Rs191.83; and light diesel oil Rs186.50 per liter.

The government likely to review petroleum prices on November 30, 2022 for next fortnight starting from December 01, 2022.

In the latest review on November 15, 2022 the government decided to keep the prices unchanged for the fortnight ending November 30, 2022.

READ MORE: Petroleum prices in Pakistan for next fortnight effective from November 16, 2022

It was third straight announcement to keep the prices of petroleum products unchanged. Previously, on September 30, 2022 the government made changes in petroleum prices.

Experts said that the rise in petroleum prices were imminent in the next review as the government was under immense pressure from the IMF to impose sales tax on petroleum products.

At present the government adopted a policy to keep zero sales tax on petroleum products instead flat rate of 17 per cent. Furthermore, the government also committed to apply petroleum levy to generate more revenue for curtailing budget deficit.

READ MORE: Petroleum prices in Pakistan effective from November 01, 2022

Besides, the exchange rate is again showing a deterioration in rupee value against the dollar. The US dollar continued to make gain for seventh straight session against the Pakistani Rupee (PKR) on November 21, 2022 and reached PKR 223.66 in the interbank foreign exchange market.

The latest import data showed that the petroleum prices were on the higher sides as the country spent more money for import of lesser quantity of petroleum products.

READ MORE: Pakistan keeps petroleum prices unchanged from October 16, 2022

The imports of petroleum products recorded a decline 1.75 per cent to $2.84 billion during July – October of fiscal year 2022/2023 as compared with $2.89 billion in the corresponding period of the last fiscal year.

However, import of petroleum crude recorded an increase of 6.61 per cent to $1.73 billion during the period under review as compared with $1.62 billion in the corresponding period of the last fiscal year.

READ MORE: Pakistan sharply reduces petroleum prices from October 01, 2022

Interestingly, quantities of both the segments fell 34.43 per cent and 23.26 per cent during the first four months of the current fiscal year, showing surge in prices of the international prices.

Although the present government has kept the prices during last three review under political pressure. But considering the present scenario of fiscal deficit and IMF pressure the government may take tough decision in coming days.

November 21, 2022
Industries threaten mass protest against gas supply shutdown

KARACHI: Industries have threatened the government of across the board protests against suspension of gas supply, which halted industrial activities and is affecting exports.

Karachi Chamber of Commerce & Industry (KCCI) and Industrial Town Associations, while expressing deep concerns over suspension of gas supply to the industries in Karachi, stated that all the industries were almost closed and the pressure was zero, resulting in bringing the production activities to a complete standstill which would give a serious blow to the exports by terribly affecting the performance of export-oriented as well as general industries, besides triggering massive unemployment and creating chaos.

READ MORE: Pakistan organizes first international housing expo next month

In a joint statement, KCCI along with Site Association (SAI), Korangi Association (KATI), F.B Area Association (FBATI), North Karachi Association (NKATI), Site Superhighway Association (SSAI) and Bin Qasim Association (BQATI) appealed Prime Minister Shehbaz Sharif and Energy Minister Shahid Khaqan Abbasi to take notice of the situation and look into the possibility of supplying RLNG to SSGC for domestic usage as being done in case of SNGPL so that the gas crisis being suffered by the industries in Karachi could be averted.

They stated that the business & industrial community totally rejects gas supply curtailment announced by the SSGC and the Karachi Chamber along with Industrial Town Associations will shortly announce the future plan of action if relief was not provided immediately which may even lead to triggering across the board protests.

READ MORE: APTMA urges PM to save textile industry from total closure

Referring to SSGC’s statement in response to a joint press release issued on November 11, 2022 by KCCI and all seven industrial town associations, they said that a meeting was held between SSGC and federally constituted committee comprising representatives of industries from Karachi who gave numerous suggestions, of which one of the suggestion was to either close down gas supply to industries for two day a week or carry out gas load shedding for eight hours a day so that SSGC could maintain its line pack and the industries receive gas for 16 hours a day at required pressure so that they could keep on operating efficiently.

However, this unfortunately, was not done and later on, without taking the stakeholders on board, SSGC issued a notification/ letter to industries about suspension of gas supply which contained several ambiguities as in the said letter, SSGC has issued a caution for future as well by saying that every year gas supply will remain suspended. Subsequently, it has also been notified that 50 percent of gas supply to captive power plants will also be curtailed without explaining that what will happen to those industries who do not have KE connection or any other source and the process of gas supply suspension to general industries has also not been properly explained.

READ MORE: Reducing foreign currency cash carrying limits to half criticized

SSGC must refrain from giving misleading statements in the media by sharing those decisions which were neither discussed nor agreed upon by the federally constituted committee in any of the meetings held to discuss gas crisis, KCCI and Industrial Town Associations urged, adding that several meetings were held in this regard but without taking us into confidence, SSGC has issued improper notification.

KCCI and Industrial Town Associations, while once again urging the government to take notice, stated that the overall situation was really alarming in Karachi which would terribly affect industrial performance, exports and have a deep negative impact on the economy due to rampant unemployment as suspension of gas for three consecutive months would obviously cause massive layoffs and massive reduction in exports.

READ MORE: KATI suggests Pakistan, Sri Lanka trade in local currency

November 17, 2022
Petroleum prices in Pakistan for next fortnight effective from November 16, 2022

ISLAMABAD: The government of Pakistan on Tuesday decided to keep the petroleum prices unchanged for next fortnight starting from November 16, 2022.

It was third straight announcement to keep the prices of petroleum products unchanged. Previously, on September 30, 2022 following changes in petroleum prices were announced:

The rate of petrol has been reduced by Rs12.63 per liter to Rs224.80 from Rs237.43.

READ MORE: Petroleum prices in Pakistan effective from November 01, 2022

The price of high speed diesel has been cut by 12.13 per liter to Rs235.30 from Rs247.43.

The rate of Kerosene oil has been slashed by Rs10.19 to Rs191.83 from Rs202.02.

The price of light diesel oil has been reduced by Rs10.78 to Rs186.50 from Rs197.28.

The government has taken the latest decision amid challenges including long march initiated by leading opposition party and rising benchmark Brent crude rates in international markets.

The present coalition government led by PML-N is under immense pressure since coming into power in April 2022. This government is mainly criticized for sky rocket prices of all essential items bringing inflation to record levels. The present government had opportunity to attract masses by lowering petroleum prices.

READ MORE: Pakistan keeps petroleum prices unchanged from October 16, 2022

On the other hand, Imran Khan, Chairman, Pakistan Tehreek I Insaaf (PTI) launched long march on October 28, 2022 from Lahore demanded the present government to announce general election as the country on the brink of default and masses were witnessing the brunt of high prices.

The present government has annoyed people through its last decision to keep the prices of petroleum products unchanged. Experts had opinion that the government had room to give benefit by slashing the prices.

Pakistan is the net importer of petroleum products to meet the domestic demands. Oil import bill of the country went up to $4.86 billion during first quarter (July – September) of the current fiscal year as compared with $4.59 billion in the corresponding quarter of the last year.

READ MORE: Pakistan sharply reduces petroleum prices from October 01, 2022

On the other hand the rupee once against started depreciation due to political instability and falling foreign exchange reserves. Although, the SBP recently received $1.17 billion from the International Monetary Fund (IMF) to buffer its foreign exchange reserves and support the local currency. Yet the scheduled repayment gradually dry to foreign exchange reserves position.

Most recently, the SBP again received $1.5 billion from the Asian Development Bank (ADB) to strengthen the foreign exchange reserves position. However, the repayment pressure and rising political noise the rupee unable to show resistance against the dollar.

The previous government of PTI had kept both the petroleum levy and sales tax at zero in order to provide relief to the masses. The PTI government also provided a huge subsidy on prices of petroleum products in order to lower the rates and provide relief to the masses.

READ MORE: Pakistan reviews petroleum prices on Sept 30, 2022 amid crash in global rates

However, former Prime Minister Imran Khan was removed through a vote of no-confidence motion on April 10, 2022. Since then the new coalition government led by PML-N increased the prices of petroleum products sharply on three different occasions.

The present government in the budget estimated to collect Rs855 billion as petroleum levy during the fiscal year 2022/2023. As this fiscal year is starting from July 01, 2022, it is likely that the government will opt to impose the levy from this date.

November 15, 2022