The International Monetary Fund (IMF) and Pakistan have come to an agreement on the Letter of Intent (LoI). The LoI was recently signed by the Government of Pakistan that it received from the Fund and sent back.
The IMF has been given assurance of a gradual increase in the petroleum levy to Rs. 50 per liter on petroleum products by January 2023, sources told Propakistani.
The levy on petrol will be increased by Rs. 10 per litre and Rs. 5 per litre on diesel from September 1st. The total levy on petrol from September will reach Rs. 30 per litre, while the total levy on diesel will be Rs. 15 per litre.
Moreover, the petroleum levy on petroleum products in the coming months will be increased by Rs. 5 per litre. The levy will eventually reach Rs. 50 per litre in January 2023.
At present, the petroleum levy on petrol is Rs. 20 per litre and Rs. 10 per litre on diesel and kerosene. The revenue collection target in petroleum levy for the current fiscal year is Rs. 800 billion.
