ISLAMABAD: Pakistan on Thursday announced reduction in prices of petroleum products effective from July 15, 2022 after a massive decline observed in the prices of oil in international markets.
Prime Minister Shehbaz Sharif in a public address has announced the reduction in petroleum prices. Following are the new prices of petroleum products:
The new prices of petrol have been decreased by Rs18.50 per liter to Rs230.24 from Rs248.74.
The rate of high speed diesel has been decreased by Rs40.54 per liter to Rs235.95 from Rs276.54.
The rate of kerosene oil has been decreased by Rs33.81 per liter to Rs196.45 from Rs230.26.
Similarly, the rate of light speed diesel has been decreased by Rs34.71 per liter to Rs191.44 from Rs226.15.
The Prime Minister on July 12, 2022 directed the authorities to pass on the full benefit of falling oil prices in the international markets to the masses.
The premier directed the ministries of petroleum and finance to prepare a summary for reduction in oil prices for next fortnight starting from July 16, 2022.
Chairing a meeting on fuel prices, the Prime Minister said the people spent a difficult time, now they have the right to get full relief.
He said we will take every step for the provision of relief to the masses who suffered heavily because of inflation caused by the previous government.
Later, Finance Minister Miftah Ismail said the ministry would send a summary to reduce the prices of petroleum products for next fortnight on Wednesday, July 13, 2022.
“After receiving the summary from the petroleum division, we will try to send it to the PM House,” Miftah Ismail added.
He said, prices of petroleum would be reduced on the directives of the prime minister for public interest.
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.
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 new government of Prime Minister Shehbaz Sharif increased the prices of petroleum products on May 26, 2022, June 02, 2022 and June 15, 2022. Cumulatively, the government increased the price of petrol by 84 per liter in these price hikes.
The present government in the budget estimated to collect Rs750 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.