ISLAMABAD – Federal government has jacked up the petroleum development levy by Rs5 per litre in an effort to increase revenue for overcoming fiscal deficit.
With the recent increase, now the government will charge Rs55 per litre on petrol.
However, the PDL on diesel will remain unchanged at Rs50 per litre for the next fortnight.
The sales tax on both petrol and diesel will remain zero.
By increasing PDL, the government has not passed on the impact of decrease in the prices of petrol in the international market. As such, the [rices of petrol remained unchanged at Rs262 per litre for the next fortnight.
The federal government has kept the PDL on high speed unchanged at Rs50 per litre to absorb surge in the prices of this commodity in the international market. Despite that, the diesel prices were needed to be increased by Rs7.50 per litre for the next fortnight.
As such, diesel prices have been increased to Rs260.50 per litre from Rs253 per litre.
The International Monetary Fund has reached a staff-level agreement with Pakistan for a $3-billion bailout package.
The latest development will help easing pressure on depleting foreign exchange reserves. But for securing the much needed amount, Pakistan had to impose more taxes on the condition of the global lending agency.
In the recently approved budget for fiscal year 2023-24, the government has revised the upper limit for charging the PDL from Rs50 per litre to Rs60 per litre as this was the most appropriate shortcut to fetch much needed revenue for the national exchequer.
