The possibility that a process comprising the oxidation of sulfur compounds present in gas condensate and its subsequent rectification can be used to desulfurize light petroleum fractions has been explored. Oxidation of gas condensate with hydrogen peroxide in the presence of transition metal salts followed by its rectification makes it possible to decrease the sulfur content in the gasoline and diesel fractions by 95 and 75%, respectively in the fraction, with the sulfur content of -the residual fraction (350 degrees C-FBP) remaining almost unchanged.