Petroleum Prices Likely to Increase on January 15

ISLAMABAD: Prices of major petroleum products are expected to rise by Rs 6.30 per liter on January 15, 2022, for the next two weeks, mainly due to rise in international oil prices.

According to the details, reliable sources said that based on the current tax rate, import parity price and exchange rate, the prices of petrol (vehicle fuel) and high speed diesel (HSD) are likely to increase by Rs 5.30 and Rs 5.80, respectively. Similarly, the prices of kerosene and light diesel oil (LDO) have also been estimated to increase by Rs 5.80 and Rs 6.30 per liter respectively.

An official said that if the government decides to reduce the inflationary pressure on the people, it can reduce the sales tax on petroleum products. However, much of it will depend on liaison with the International Monetary Fund (IMF) to revive the 6 billion program.

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In recent months, the government has been increasing the petroleum levy and general sales tax (GST) on a fortnightly basis as part of negotiations with the IMF.

The levy will continue to increase to Rs 4.00 on the first of each month till it reaches a maximum of Rs. 30 per liter and GST adjustment will be made on the 15th of every month in terms of price cushion.

At present, the government is levying a tax of about Rs 35 per liter on petrol and about Rs 30.50 per liter on high speed diesel.

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Petrol and HSD are the two major products that generate the most revenue for the government due to their massive and still increasing consumption in the country. Petrol sales are averaging 750,000 tonnes per month, while high-speed diesel consumes about 800,000 tonnes per month.

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