Govt Decides to Hike Petroleum Levy to Rs 50 from Nov 16

  • by Sharoon Jan
  • 4 weeks ago
  • News
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Govt Decides to Hike Petroleum Levy to Rs 50 from Nov 16

The federal government has approved an increase in the petroleum development levy. Sources said the government made this decision at the behest of the International Monetary Fund (IMF).

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) at the Finance Division, on Friday.

Federal Minister of Planning, Development & Special Initiatives Ahsan Iqbal, Federal Minister for Power Khurram Dastgir Khan, MNA and former premier Shahid Khaqan Abbasi, Minister of State for Finance and Revenue Aisha Ghous Pasha, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, federal secretaries, the chairman of Federal Board of Revenue and other senior officers attended the meeting.

The FBR presented a summary of the increase in the rate of sales tax on HOBC. It was conveyed that the rates of sales tax on POL products were reduced to zero from February 1, 2022, which put pressure on FBR’s efforts to achieve its revenue targets. Consequently, the ECC has decided to raise the petroleum levy from Rs30 to Rs50 per liter on RON 95 and above with effect from November 16, 2022, which is a luxury item being consumed by wealthy consumers in their expensive vehicles.

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