If the government goes through the effects of a retreating global market by not increasing taxes, the price of petrol in Pakistan may decrease by Rs 7.24 per liter and diesel by Rs 16.61 per litre, if the government does not increase taxes. does, provides the latest news about rates. .
Oil industry data shows that all petroleum prices are showing a downward trend. However, it is not clear whether the government will pass through or offset the impact by raising taxes.
Industry calculations show that the ex-depot price of petrol has declined by Rs 7.24 per liter to Rs 230.19 per liter for the next fortnight as against the current price of Rs 237.43 per litre.
The ex-depot price of diesel has declined by Rs 16.61 to Rs 230.82 per liter for the next fortnight compared to the current price of Rs 247.43 per litre.
The ex-depot price of light diesel decreased by Rs 10.87 per liter to Rs 186.41 per liter which is now Rs 197.28 per litre.
The ex-depot price of kerosene fell by Rs 14.20 to Rs 187.82 per liter as against Rs 197.28 per litre.
The prices calculated by the oil industry are based on the current taxes imposed by the government.
The government is charging zero General Sales Tax (GST) on petroleum products where the Petroleum Levy (PL) rate on petrol is Rs 37.42 per liter and on diesel Rs 7.58 per litre.
Under the terms of the International Monetary Fund (IMF), the government has to raise the levy on diesel and petrol to Rs 50 per liter to generate additional revenue to meet the tax collection target for this fiscal year. .
According to oil sector officials, the government is apparently in no mood to increase levy rates or reintroduce GST after Ishaq Dar sought help from the finance ministry.
“It seems that Dar will not hike the prices of petroleum products, at least for this fortnight to send a message to the public about his plan to provide relief as he did before taking charge of the Finance Ministry. was promised,” a top oil firm official believed.
He said Dars may weather the effects of the global slowdown or may decide to hold on if global markets soften further in the coming price review.
According to him, from September 16 to 28, the average price of crude oil was 91 dollars per barrel, while the average prices of diesel and petrol in the world market were 115 dollars and 81 dollars per barrel, respectively.
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