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Wednesday, February 28, 2024  
17 Shaban 1445  

Govt hikes petroleum levy by Rs5 per litre

New petrol prices were notified Friday night
Government jacks up Petroleum levy to Rs55/litre - AFP
Government jacks up Petroleum levy to Rs55/litre - AFP

The government has increased the petroleum development levy (PDL) by Rs5 per litre in a bid to generate more revenues, said the officials of the Finance Ministry.

With the latest in increase, the PDL has reached Rs55 per liter from Rs50 per litre.

The levy on high-speed diesel (HSD) remained unchanged. However, on petrol, the PDL has been increased to Rs55.

This, nevertheless, would not affect the petrol price which remains unchanged at Rs262.

On Friday, Finance Minister Ishaq Dar announced that petrol prices would remain unchanged, while diesel prices were increased by Rs7.50 for the next fortnight.

Petrol prices remained unchanged at Rs262 per litre, while diesel prices were jacked up to Rs260.50 per litre from of Rs253 per litre.

He also ‘apologised’ before announcing the increase in the price of diesel and said that the increase was attributed to international prices.

Dar said that the new diesel price will be effective from July 1.

The finance minister had also announced that some additional burden on the public could be expected in coming months as the government is considering rebasing electricity tariff.

Dar said that the electricity tariff would be rebased whose cost will affect ordinary consumers, adding that the rebasing will take effect in July. He also said that although the cap for the petroleum levy had been set at Rs60, it was likely to stay at Rs55 for the new fiscal year.

The International Monetary Fund reached a staff-level pact with Pakistan on a $3-billion stand-by agreement, said the lender on Friday.

The funds from the IMF would offer some respite to Pakistan which is battling an acute balance of payments crisis and falling foreign exchange reserves.

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Ishaq Dar

Pakistan

IMF

Petroleum products

petroleum prices

International Monetary Fund

petrol rates

Petroleum levy

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