The federal government has decided to keep the existing prices of petroleum products unchanged for the next fortnight.
“Govt of Pakistan has decided to keep the existing prices of petroleum products unchanged with effect from 1st January to 15th January 2023 to provide relief to the common man,” Finance Minister Ishaq Dar said in a tweet on Saturday.
The finance minister said the prices were being kept unchanged despite increase in the international oil prices.
Earlier this month, the federal government slashed the prices of petroleum products by up to Rs10 per litre.
Finance Minister Dar in a tweet had said that the government had reduced the price of high speed diesel by Rs7.50 per litre.
The government slashed the price of petrol by Rs10 per litre, kerosene oil by Rs10 per litre and light diesel oil (LDO) by Rs10 per litre.
Following reduction in the prices of petroleum products, the high speed diesel will be sold at Rs227.80 per litre. Petrol will be available at Rs214.80 per litre following reduction in the price.
The government committed to the International Monetary Fund (IMF) that it would impose general sales tax (GST) on petroleum products once they reached the maximum limit for petroleum levy which was Rs50 per litre on each petroleum product.
The government is charging a petroleum levy of Rs50 per litre on petrol, Rs25 per litre on HSD, Rs7.01 per litre on kerosene oil and Rs15.39 per litre on LDO.
The government, however, promised the international lender that it would increase the petroleum levy on HSD to Rs50 by April 2023.