Government to De-Regulate Petroleum Product Prices Per IMF Agreement
Description:
Beginning on November 1, 2022, the government will no longer restrict the cost of petroleum products.
According to sources, oil marketing organisations (OMCs) would set the rates for petroleum goods after deregulation. To satisfy domestic customer demand, the enterprises must purchase petroleum goods from the worldwide market by November 1st.
Regarding the pricing of petroleum products, the decision has been made to adhere to the provisions of the agreement with the International Monetary Fund (IMF).
When setting the prices of petroleum goods, the government solely collects the petroleum levy. The tax on gasoline was raised to Rs. 17.5 during the most recent fortnightly review, while the tax on diesel was lowered to Rs. 7.5. According to the terms of the IMF agreement, the government committed to raise the diesel tax to Rs. 15 by September 1.
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