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.
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.
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.
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.
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.