Tuesday, July 16, 2024

Govt Hikes Petroleum Levy from Rs. 60 to Rs. 80

The federal government has announced an increase in the petroleum levy, raising it by Rs20. This means the levy on High-Speed Diesel Oil (HSDO) and Motor Gasoline is now Rs80 per liter, up from Rs60 per liter in the previous fiscal year.

Additionally, the maximum levy on Light Diesel Oil (LDO), High Octane Blending Component (HOBC), and E-10 gasoline has been increased to Rs75 per liter. This move aims to generate more revenue for the government, which is looking to bolster its financial position.

Despite these increases, the levy on Superior Kerosene Oil (SKO) will remain unchanged at Rs50 per liter. This decision appears to be an effort to keep the costs stable for products commonly used by lower-income households and in rural areas.

For Liquefied Petroleum Gas (LPG) produced in Pakistan, the levy has been set at Rs30,000 per metric ton. This adjustment is part of a broader strategy to regulate the petroleum sector and ensure steady revenue streams from different fuel types.

These changes reflect the government’s approach to adjusting petroleum product levies as part of its fiscal policy.

By increasing levies on certain fuels, the government aims to manage its budget more effectively and address economic challenges, while still maintaining stable prices for essential fuels like SKO and LPG that are vital for everyday use by many households. This careful balancing act is crucial for maintaining both economic stability and public support.

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