ISLAMABAD: The prices of petroleum prices in Pakistan as of October 21, 2022 is as follow:
The rate of petrol is Rs224.80 per liter.
The price of high speed diesel is Rs235.30 per liter.
The rate of Kerosene oil is Rs191.83 per liter.
The price of light diesel oil is Rs186.50 per liter.
READ MORE: Pakistan keeps petroleum prices unchanged from October 16, 2022
The federal government on Thursday October 20, 2022 hinted at downward revision of petroleum prices. However, the changes would be announced on October 31, 2022 for next fortnight.
Previously, on October 15, 2022 the government decided to keep the prices of petroleum products unchanged for the fortnight starting from October 16, 2022.
Finance Minister Muhammad Ishaq Dar in a statement said that Oil and Gas Regulatory Authority (OGRA) had sent summary for increase in prices of petroleum products but the government had decided to maintain the prices at the level of October 01, 2022 and will be applicable till October 31, 2022.
READ MORE: Pakistan sharply reduces petroleum prices from October 01, 2022
Energy experts were believing that the government would announce a sharp reduction in petroleum prices for next fortnight starting from October 16, 2022 owing to massive gain in value of local currency and lower prices of oil in international markets.
Finance Minister Ishaq Dar had also hinted to reduce the oil prices significantly in order to stabilize the economy and ease the burden of high prices.
READ MORE: Pakistan reviews petroleum prices on Sept 30, 2022 amid crash in global rates
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 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.
READ MORE: New petroleum prices in Pakistan effective from September 21, 2022
