Assurance to IMF to further increase petroleum levy

Promise to increase petroleum levy collection up to 920 billion rupees

Pakistan has assured the International Monetary Fund (IMF) to increase petroleum levy collection by another RS 920 billion in the current financial year.

In a report of a respected daily, it has been written with reference to Finance Ministry officials that during the recently concluded review talks, the government asked the IMF to increase the annual petroleum levy target of Rs.869 billion by another Rs.50 billion.

According to the report, the government collects a petroleum tax of RS 60 per liter on each liter of petrol and diesel.

Read More: Reduction in the Prices of Petroleum Products

It has budgeted a collection of RS 869 billion under this head, but now it has been decided to increase it to RS 920 billion.

It should be remembered that according to the sources of the Ministry of Finance, during the first quarter, the government collected 222 billion rupees in the form of petroleum levy, which is 367% more than the same quarter last year.