ISLAMABAD: The price of crude oil in the global market increased by 4% due to US sanctions on Russian oil refineries.
According to the British news agency, the price of US crude oil rose by 4% to $61 per barrel.
The price of Brent crude oil rose by 4.3% to $65.3 per barrel.
According to experts, following the US sanctions, refineries in China and India will need to find alternative suppliers to avoid being excluded from the Western banking system.
Earlier, Pakistan was considering raising the Petroleum Development Levy (PDL) to over Rs100 per liter in the upcoming fiscal year as part of a new understanding with the International Monetary Fund (IMF).
As per details, the IMF delegation has arrived in Islamabad on Monday to finalize budget negotiations for the upcoming fiscal year 2025-26.
The current levy on petrol and diesel stands at Rs 78 and Rs 77 per liter, respectively. Islamabad will increase the levy to boost non-tax revenues and support power and electric vehicle subsidies and help reduce circular debt, The News reported, citing official sources.
The move to hike the petroleum levy is central to Pakistan’s broader plan to enhance non-tax revenues and tighten its fiscal position under the IMF’s Extended Fund Facility (EFF).
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