The federal government has set Rs. The petroleum development tax in the following fiscal year 2022-22-23 will amount to 750 billion.
The previous government had established a Rs. 610 billion levy collection goal for the current fiscal year. It was originally set at Rs.610 billion. However, it was reduced to Rs. 135 billion.
Aisha Ghaus Pasha, the State Minister for Finance, commented on the developments. She said that the target was future-oriented and that the government would achieve it by the end the year.
Minister said the government does not plan to immediately impose the petroleum levy, and that for the moment the main focus is on eliminating subsidies that are being paid on petroleum products.
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She also stated that the levy could possibly be imposed in the event of a decline in oil prices on the international market.
It is important to note that currently, no levy has been placed on petrol products. This means that prices for all petroleum products, including petrol and diesel, could rise if the government decides that they will collect the levy.
However, the minister did not confirm that an agreement was made with IMF to collect Rs. 750 billion for the next fiscal year 2022-22-23 in petroleum development levy.
Also, the government is expected to collect Rs. 200 billion for Gas Infrastructure Development Cess (Rs. 5 billion Petroleum Levy for LPG, Rs. 70 billion Royalty on Gas and Rs. 46 billion Royalty on Oil and Rs. 40 billion Natural Gas Development Surcharge
