The Minister for Petroleum Division, Musadik Masood Malik, revealed in the National Assembly that petroleum prices in Pakistan have decreased by Rs 47.54 per litre since May. He highlighted that Pakistan purchases fuel at international market rates but often receives discounts on premiums. Malik mentioned that an agreement allows Pakistan to purchase diesel from Kuwait at a discounted rate. The minister emphasized that fuel prices are influenced by the international market and the dollar-rupee exchange rate.
Moreover, he stated that the government ensures any reduction in fuel prices on the international market is passed on to the public. Efforts are being made to bring retailers and wholesalers under the tax net to minimize the petroleum levy. The government aims to decrease the petroleum levy with an increase in the tax to GDP ratio.
Fourth straight cut likely in petrol, diesel rates
Sources suggest that petrol and high-speed diesel prices may decrease by Rs 10 per litre from Sept 15 due to international market fluctuations. The government may increase the petroleum levy to offset revenue shortfalls.
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