Government maintains fuel costs the same.

 

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Ishaq Dar, the finance minister, declared on Sunday that the price of petroleum goods in the nation would not change for the ensuing two weeks, or until January 31.

The International Monetary Fund may object to the finance minister's announcement that prices will remain unchanged from January 16 to January 31. (IMF).

"The price of petrol will remain at Rs 214.80 per litre. The price of diesel, which currently stands at Rs 227.80 per liter, will remain unchanged. The price of kerosene oil, which is currently Rs 171.83 per liter, will also not change. Change. Additionally, the price of light diesel oil (LDO), which is now listed at Rs179 per litre, will not alter for the ensuing 15 days, the official added.

According to the finance minister, no modifications will be made "in accordance with the instructions of Nawaz Sharif," although the government was supposed to announce the new fuel rates that would go into effect from January 16 to January 31.

Currently, the government levies a petroleum charge of Rs. 50 per litre on gasoline and Rs. 32.50 per litre on HSD for consumers. The sale of petroleum products, such as gasoline, HSD, high octane blending component, kerosene oil, and light diesel oil, is exempt from general sales tax. In addition to the petroleum tax, the inland freight equalisation margin was set at Rs3.51 for the sale of gasoline and Rs0.81 for the sale of HSD per litre. Furthermore,Additionally, Rs5 per litre in oil marketing margins are taken from the sale of gasoline and high-sulfur diesel, while Rs7 per litre in dealer commissions are charged for the two petroleum products.

For major oil importer Pakistan State Oil (PSO), the exchange rate adjustment is projected to be Rs5 per litre for gasoline and Rs3.50 per litre for HSD. The rupee has dropped in value from Rs225.93 to Rs227.72 per dollar in the meantime. Noteworthy is the fact that banks have refused to open and certify Letters of Credit (LCs) for the import of petroleum goods, putting Pakistan under jeopardy from a potential energy crisis.

The State Bank of Pakistan (SBP) and the Finance Secretary were alerted to the developing scenario on Saturday by the Oil Firms Advisory Council (OCAC), a coalition of refineries and oil marketing companies (OMCs).

The OCAC had mentioned the difficulties that oil companies were having in opening LCs in a letter to the finance secretary.

"Letters of credit are not formed in time, but vital imports of petroleum products will be affected, which could lead to gasoline scarcity in the country," the council stated.and that if the supply chain was compromised, it might take six to eight weeks for the situation to return to normal.In the meantime, the Oil and Gas Regulatory Authority (OGRA) clarified the report on the country's lack of gasoline and diesel.

Imran Ghaznavi, a spokesman for the OGRA, tweeted on Sunday that there is "ample stock of petrol and diesel" throughout the nation,"OGRA categorically denies rumours of a national petrol and diesel shortage."

"Enough stocks of gasoline and diesel are available throughout the country." he continued. The OGRA vigorously refutes any claims of a shortage of gasoline or diesel. There are sufficient stocks in the nation for 17 days' worth of gasoline and 32 days' worth of diesel.