Petroleum prices in Pakistan for next 10 days; what next?

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.

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