NA approves levy on petroleum products up to Rs50/liter

NA approves levy on petroleum products up to Rs50/liter

ISLAMABAD: National Assembly (NA) has approved a levy of Rs50 per liter on each petroleum product.

The assembly allowed the government to include the levy in the prices of petroleum products up to Rs50 per liter of each product.

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The National Assembly passed the Finance Act, 2022 that empowers the government to enforce the laws that were amended through federal budget 2022/2023.

In this regard amendment has been made to Petroleum Products (Petroleum Levy) Ordinance, 1961.

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In this ordinance the fifth schedule has been amended as following:

High Speed Diesel: Rs50/liter

Motor Gasoline (Petrol): Rs50/liter

Superior Kerosene Oil (SKO): Rs50/liter

Light Diesel Oil (LDO): Rs50/liter

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High Octane Blending Component (HOBC): Rs50/liter

E-10 Gasoline: Rs50/liter

Liquefied Petroleum Gas (Produced/extracted in Pakistan): Rs30,000 per metric ton.

The government has estimated a collection of Rs750 billion as petroleum levy during the fiscal year 2022/2023.

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It is worth mentioning that the previous PTI government had not imposed a petroleum levy in order to provide petroleum products at cheaper rates.

However, the current coalition government led by PML-N in its budget 2022/2023 announced on June 10, 2023 estimated collection of Rs750 billion during the current fiscal year.

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