ISLAMABAD: The federal government has increased the climate support levy on petrol and high-speed diesel from Rs 2.5 per liter to Rs 5 per liter, however, to prevent the overall financial burden on the public from increasing, the petroleum levy has also been reduced by the same proportion of Rs 2.5 per liter.
According to a notification issued by the Petroleum Division of the Ministry of Energy, the increase in climate support levy on petrol and high-speed diesel and the reduction in petroleum levy will be implemented from July 2.
The government says that the aim of this change is to maintain the current prices of petroleum products so that consumers do not have to face price increases for the time being.
According to the notification, the climate support levy has been implemented with the aim of providing financial resources for environmental improvement, combating climate change and eco-friendly measures. Now the rate of this levy has been increased to Rs 5 per liter, while at the same time the petroleum levy has been reduced by Rs 2.5 per liter so that the two measures can balance each other.
Government sources say that as a result of this decision, there will be no immediate increase in the price of petrol and diesel per liter because the effect of the increase in the climate support levy has been offset by the reduction in the petroleum levy. In this way, consumers will be able to buy petrol and diesel at the current prices.
According to experts, this change in the levy structure by the government has been made keeping in mind the need to maintain financial discipline, improve the revenue system and international financial requirements.
They say that although the levy rate has been changed, the important thing for the public is that the prices of petroleum products have been maintained.
It should be noted that every week the government announces new prices of petroleum products, taking into account the prices of crude oil in the global market, the value of the rupee, and the rate of taxes and levies.
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