Petroleum prices to remain unchanged for next fortnight: Ishaq Dar

Finance Minister Ishaq Dar announced on Monday that the price of petroleum products will remain unchanged for the next 15 days, while the deadline to file income tax returns has been extended to November 30.

Dar also said that the government, after a discussion with the State Bank of Pakistan (SBP), will clear the pending letters of credit (LCs) with the limit from November 1 being enhanced to $100,000 from the current $50,000.

He made the announcement in a video message in Islamabad.

Dar said that the decision to keep petroleum prices unchanged was made with the approval of Prime Minister Shehbaz Sharif.

“I discussed with the prime minister and it was decided that we will not change the prices of all four petroleum products and they will remain the same till November 15,” he said.

The finance minister said the International Monetary Fund (IMF) has tasked the government to increase the petroleum levy in line with the commitments made by Pakistan to the money lender.

It was earlier reported that the Federal Board of Revenue (FBR) was in no mood to extend the last date for filing of income tax returns beyond the deadline of October 31, 2022.

In this connection, the FBR had conveyed to the field formations that the last date for filing of income tax returns is October 31, 2022.

However, Dar said the government has reconsidered the decision.

On the issue of LCs, Dar said the amount will be increased.

“The government had earlier announced that LCs and payments of up to $50,000 would be released. I met with the SBP governor today, and we decided that we will increase this amount to $100,000,” Dar said, adding that the central bank will start clearing them tomorrow (November 1).