The federal government said on Monday that prices for petroleum products would remain unchanged.
“The government has decided to keep the prices of gasoline, diesel, diesel and kerosene unchanged.
He said the date for filing income tax returns has been extended by one month at the request of the business community, allowing them to complete until November 30.
Dar said the government’s increase in the letter of credit (LC) threshold from $50,000 to $100,000 will clear an additional 1,365 cases. He added that implementation of the decision will begin tomorrow (Tuesday).
He said 4,400 cases had already been resolved when the government opened LCs up to $50,000.
“5,765 of the 8,000 cases are now resolved. There are 2,200 remaining and the government will try to resolve these too soon,” he added.
Read more: Gasoline prices may drop by Rs2.86
On October 15, the PML-N-led coalition government also decided to keep petroleum product prices on hold. The government has decided to keep gasoline at Rs 224.80 per liter, diesel at Rs 235.30 per liter, kerosene at Rs 191.83 per liter and LDO at Rs 186.50 per liter.
Gas oil is widely used in transportation and agriculture, so price fluctuations directly affect the lives of consumers.
Gasoline used in motorcycles and cars is an alternative to CNG. Gas shortages in Pakistan, especially in Punjab, have significantly increased the demand for gasoline.
Kerosene, an alternative to LPG, is used in remote areas and consumed for cooking purposes. The military is also the main consumer of kerosene in the north of the country.
Prior to this, the government has significantly reduced the price of petroleum products to a maximum of Rs 12.6 per liter effective from 1st October.
The government is reportedly using energy prices as a means of gaining voter support in by-elections.
To minimize the impact of oil prices on the public, the government has devised a new formula for calculating the exchange rate for oil price revisions.
Previously, it took the previous day’s exchange rate. However, the revised formula now uses average exchange rates.
On August 31, 2022, the last day the oil price revision was to be calculated, the exchange rate was Rs 218.95. Instead, the government adopted an average exchange rate of Rs 217.81.
