New petrol price may go up to PKR 309 per liter in Pakistan following steep fall in rupee value and expected imposition of sales tax on petroleum products.
(more…)Tag: petroleum prices
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Pakistan may massively increase petroleum prices under IMF pressure
Pakistan may announce a massive increase in petroleum prices in order to meet the conditions set by the International Monetary Fund (IMF).
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Pakistan decides not to increase petroleum prices till Jan 31
ISLAMABAD: Pakistan on Sunday decided not to increase the prices of petroleum products till January 31, 2023.
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Pakistan maintains petroleum prices for first fortnight of 2023
ISLAMABAD: Pakistan on Saturday maintained the prices of petroleum products at the previous level for the first fortnight (January 1-15, 2023).
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Pakistan may surprise in next petroleum price revision on Dec 31
ISLAMABAD: Pakistan may surprise in next revision of petroleum prices scheduled on December 31, 2022 amid political uncertainty and mounting inflationary pressure.
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Pakistan issues official petroleum prices applicable till Dec 31
Pakistan has issued official petroleum prices that will remained applicable till December 31, 2022. The official prices of petroleum products from December 16, 2022 to December 31, 2022 are:
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Pakistan sharply cuts petroleum prices effective from Dec 16, 2022
ISLAMABAD: Pakistan on Thursday sharply reduced the prices of petroleum products for next fortnight effective from December 16, 2022.
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Pakistan may cut petroleum prices on Dec 15, 2022
Pakistan may reduce petroleum prices on December 15 to be effective for last fortnight of the year 2022. Experts believe that the government may reduce the prices of petroleum products in the wake of sharp decline in oil prices in global markets.
Benchmark Brent crude is ended at $76 per barrel in the international trade. 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: New petroleum prices in Pakistan effective from December 01, 2022
An energy expert told PkRevenue that the country may 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 expert believed that the imposition of sales tax on petroleum products would increase the retail prices as well as result in high inflation.
However, experts believed that 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
The government on December 01, 2022 revised the latest petroleum prices. According to a notification, the prices of petroleum products with effect from December 01, 2022 till December 15, 2022 are 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.
READ MORE: Petroleum prices in Pakistan effective from November 01, 2022
Likewise, the price of light diesel oil has been reduced by Rs7.50 per liter to Rs179.00 from Rs186.50.
The exchange rate is again showing a deterioration in rupee value against the dollar. The US dollar continued to make gain against the Pakistani Rupee (PKR) on December 09, 2022 and reached PKR 224.40 in the interbank foreign exchange market.
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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.
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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