The federal government has commenced the implementation of new measures, as per the agreement reached with the International Monetary Fund (IMF) under the recently approved bailout package.
As part of these measures, the government has decided to raise the levy on petrol by Rs 5 per liter, aiming to generate additional revenue. As a result, the development levy imposed on petrol has been elevated from Rs 50 to Rs 55 per liter.
Effective immediately, the revised petroleum levy rates will be applicable across the country. However, the development levy on high-speed diesel will remain unchanged at Rs 50 per liter.
It is noteworthy that both petrol and high-speed diesel levies will eventually be subject to gradual increments, reaching Rs 60 per liter in accordance with the new IMF program.
In the fiscal year FY 2023-24, the public is expected to contribute a substantial amount of Rs 859 billion on account of the petroleum levy.
Last night, Finance Minister, Ishaq Dar, announced new petrol prices that will remain effective till 15 July. The Minister revealed that petrol prices will remain unchanged at Rs. 262 per liter. However, diesel prices have been increased by Rs. 7.50. The new per liter price of diesel will be Rs. 261 for the next fortnight.
