The government had decided to deregulate the prices of petroleum products from 1st November 2022.
Sources have told ProPakistani that after deregulation, oil marketing companies (OMCs) will determine the prices of petroleum products. The companies will have to buy petroleum products from the global market before 1st November to meet the demand of domestic consumers.
The decision is being taken to follow the terms of the International Monetary Fund (IMF) agreement regarding the pricing of petroleum products.
The government collects only petroleum levy while determining the prices of petroleum products. At the last fortnightly review, the levy on petrol was increased to Rs. 17.5, while the levy on diesel was reduced to Rs. 7.5. Under the IMF agreement the government had agreed to increase the levy on diesel to Rs. 15 by September 1.
Source: Pro Pakistani