Govt to increase petroleum levy to Rs30 from Sept 1 on IMF demand
The federal government has decided to increase the petroleum levy on petrol and diesel to Rs30 from September as it has reached an agreement with the International Monetary Fund.
In Letter of intent sent by Pakistan to the IMF, the levy on petroleum products has been assured to be increased to Rs50 per litre.
Sources said that from September 1, the levy on petrol will be increased by Rs10 and on diesel by Rs5, while in September, the levy on petrol will be increased to Rs30 and on diesel to Rs15.
In the coming months, the levy will be increased by Rs5 per liter and thus by January 2023, the levy will increase to Rs50 per litre.
Currently the petrol levy is Rs20 and that of kerosene is Rs10, while government has set a target of collecting Rs855 billion in levy on petroleum products this fiscal year.
The IMF had sent a letter of intent to Pakistan a few days ago for the payment of $1.7 billion of loan, which has been sent to the IMF again after the signature of the Finance Minister Miftah Ismail and the Governor of the State Bank.