Change in levy on petroleum products, notification issued

ISLAMABAD: The federal government has changed the levy on petroleum products, significantly increasing the levy on petrol while reducing the levy on diesel.

According to the documents, the levy on petrol has been increased by Rs 24.74 per liter, after which the levy rate on petrol has increased from Rs 91.34 to Rs 116.8 per liter.

On the other hand, the government has reduced the levy on high-speed diesel by Rs 24.34 per liter. According to the new rate, the levy on diesel has been reduced from Rs 68.93 to Rs 44.59 per liter.

The documents state that no change has been made in the levy on kerosene and it will remain at Rs 20.36 per liter.

According to sources, the government has decided to impose a higher levy on petrol to meet the conditions of the International Monetary Fund (IMF) and to limit the budget deficit. Officials say that the aim of this move is to increase revenue and ensure the achievement of fiscal targets.

It may be recalled that yesterday, the government reduced the price of petrol by Rs 4 per liter, while it has decided to maintain the price of diesel.

According to a notification issued by the Ministry of Petroleum, the new price of petrol has been fixed at Rs 377.78 per liter, while the price of diesel has been maintained at Rs 380.78 per liter.