A meeting of the Standing Committee on Finance was held under the chairmanship of Senator Saleem Mandviwala at Parliament House today, where the committee members were informed that the government will bypass parliamentary authority to hike petroleum levy rates on fuel products to Rs. 60 per liter in the fiscal year (FY) 2023-24.
A Ministry of Finance official briefed the committee that the parliament has been stripped from the powers to increase the levy on petroleum products.
Now, the federal government will be able to impose the petroleum levy with approval from the Cabinet Division and wouldn’t have the need to get the parliament’s nod in this regard.
Committee members opposed the transfer of levy authority from Parliament to the Federal Cabinet and argued that this would outstrip the powers of the parliament
With a petroleum levy of Rs. 60 per liter, the government aims to raise Rs.869 billion in non-tax income in the upcoming fiscal year.
Currently, the petroleum levy on petrol and diesel stands at Rs. 50 per liter in accordance with the wishes of the International Monetary Fund.
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