The government has decided to deregulate the prices of petroleum products from 1st November 2022 to meet IMF conditions.

The official sources said that after 1st November, the oil marketing companies would determine the prices of POL products instead of the government as per the IMF term.

They further said that the government would honour its commitment made with the IMF regarding the POL products’ prices.

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The government collects only petroleum levy for determining the prices of POL products.

The government has not imposed 17pc GST on POL products, the sources said.

Levy on diesel was decreased, whereas levy on petrol was raised by Rs17.50.

Under the IMF agreement, the levy on diesel was supposed to be Rs 15 but the government is charging Rs7.50.

Before 1st November, oil marketing companies will buy POL products from international markets.