Petroleum prices will not change, and the deadline to file taxes has been extended.
According to Ishaq Dar, the government has also raised the threshold for LCs from $50,000 to $100,000, clearing up an additional 1,365 cases.
The federal government declared on Monday that petroleum product prices would not change for the ensuing two weeks, or until November 15.
“The administration has chosen to maintain the current pricing for kerosene, light diesel, gasoline, and diesel. For the next 15 days, the current pricing would remain in effect “Ishaq Dar, the finance minister, stated at a press briefing in Islamabad.
He claimed that due to pressure from the business community, the deadline for filing income tax returns has been extended by one month, and they can now be submitted through November 30.
Dar claimed that the government had also raised the Letters of Credit (LC) threshold from $50,000 to $100,000, clearing an additional 1,365 cases. He said that the decision’s implementation would start tomorrow (Tuesday).
When the government opened LCs up to $50,000, he said that 4,400 cases had already been resolved.
“Out of 8,000 cases, 5,765 will be resolved right away. The administration will work to resolve the 2,200 instances that are still outstanding as quickly as possible “Added he.
Continue reading: Petrol prices may drop by Rs2.86
The coalition government, which is led by the PML-N, also resolved to maintain the same rates for petroleum-based goods on October 15. The price of gasoline would remain at Rs224.80 per litre, that of diesel at Rs235.30 per litre, that of kerosene oil at Rs191.83 per litre, and that of LDO at Rs186.50 per litre, according to the government.
Diesel is heavily utilised in the transportation and agricultural industries, therefore changes in its price directly affect customers’ quality of life.
CNG can be substituted with gasoline, which is used in automobiles and motorcycles. The demand for gasoline surged significantly as a result of Pakistan’s lack of gasoline, particularly in Punjab.
In rural locations, kerosene is used as an alternative to LPG and is used for cooking. In the country’s northern regions, the military is also the biggest consumer of kerosene oil.
Prior to this, the government drastically reduced the cost of petroleum products, by up to Rs12.6 per litre, starting on October 1.
According to reports, the government is using energy pricing as a tactic to win over voters in the by-elections.
The government developed a new method to determine the exchange rate for revisions in oil prices in an effort to lessen the impact of rising oil costs on the general public.
It used the exchange rate from the day before earlier. However, the updated calculation now uses the average exchange rate.
The exchange rate was Rs218.95 on August 31, 2022, the final day for which the oil price revision was to be determined. The government chose to use an average exchange rate of Rs 217.81 instead.
