ISLAMABAD: The government of Pakistan collected Rs1,220.21 billion in petroleum levy revenue during the first months of the fiscal year 2024-25, up 20 percent from Rs1,020 billion in the fiscal year 2023-24.
The latest data shared by the Ministry of Finance shows that sales tax on petroleum products is zero, while the levy provides the federal government with substantial revenue, unlike sales tax. Which is shared with the provinces, the levy revenue remains entirely with the center.
From August 1, the petroleum levy on petrol was increased from Rs75.52 to Rs78.02 per liter and on diesel from Rs74.31 to Rs77.01 per liter. An additional climate support levy of Rs2.50 per liter has also been introduced on both fuels, which will further increase consumer spending.
Experts have warned that with a gradual increase expected in the coming years, the levy will continue to put additional financial pressure on the public.
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