Pakistan Refinery_Diesel remains upbeat; Sales tax-PDL imposition too harsh, (AKD Daily, Nov 15, 2022)
Pakistan Refinery: Diesel remains upbeat; Sales tax/PDL imposition too harsh
- With prices of diesel and petrol falling sharply to CYTD lows, down 25% and 38% respectively from peaks in June’22, there is expected to be some bullish pullback in the coming months.
- Overall, distillate prices are expected to continue rising in November before slightly falling beginning in January, which is when activities from European refiners increases and U.S. refiners finish their seasonal maintenance.
- With the IMF consistently conveying concerns over possible shortfall on account of Petroleum Development Levy (PDL), the government is looking towards a contingency plan by taking up additional taxation measures, for one, imposing full 17% GST on POL products.
- To note, annual PDL collection target stands at PkR750bn (PkR62.5bn per month). Assuming unchanged trends in POL offtakes and similar rates, total PDL collections will end the current fiscal year at ~PkR350bn, an overall annual shortfall of PkR400bn.
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AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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