Government slashes Petroleum levy on HSD by 64% during CY21

News Image

By MG News | May 19, 2021 at 04:18 PM GMT+05:00

0:00

May 19, 2021 (MLN):  In order to provide substantial relief to the common man, government is on its toes to maintain the petroleum prices. It is evident from the fact that petroleum levy on diesel has been slashed by 64% since the beginning of CY21.

At present, the petroleum levy on diesel stood at Rs8.86/liter as compared to Rs24.38/liter in January 2021. The government had already collected almost 30% higher than targeted revenue on petroleum products through petroleum levy in the first six months of the current fiscal year. Therefore, it was comfortable with the adjustments in petroleum levy. According to the finance ministry, the collection on account of petroleum levy amounted to Rs275bn in the first six months against the annual target of Rs450bn.

On the pricing front, Diesel price has been shot up by 25% since January 1, 2021 as the price of ex-refinery diesel increased from Rs63/liter in January 2021 to Rs79/liter as of May 18, 2021.

Petrol and HSD are two major products that generate most of the revenue for the government because of their substantial and yet growing consumption in the country. The Petroleum levy on Petrol which currently stands at Rs4.47/lite, has been cut by 79% since the beginning of CY21, as it was Rs22.85/liter till January 1, 2021.

On the contrary, the price of Petrol has witnessed 35% jump as the ex-refinery price of petrol on Jan 1, 2021 was Rs57.71/liter which now stands at around Rs78/ liter.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 128,199.43
336.91M
2.05%
2572.11
ALLSHR 79,787.62
1,023.63M
1.53%
1202.91
KSE30 39,105.00
121.90M
2.49%
951.21
KMI30 186,915.61
131.16M
1.10%
2029.11
KMIALLSHR 54,201.88
553.60M
0.81%
438.07
BKTi 33,476.68
51.49M
4.87%
1555.00
OGTi 27,962.58
9.77M
0.68%
188.60
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 106,370.00 106,490.00
105,440.00
620.00
0.59%
BRENT CRUDE 67.15 67.29
67.05
0.04
0.06%
RICHARDS BAY COAL MONTHLY 97.50 97.50
97.50
0.70
0.72%
ROTTERDAM COAL MONTHLY 103.80 103.80
103.80
-3.45
-3.22%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 65.47 65.65
65.34
0.02
0.03%
SUGAR #11 WORLD 15.70 16.21
15.55
-0.50
-3.09%

Chart of the Day


Latest News
July 02, 2025 at 06:01 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market


July 01, 2025 at 10:04 PM GMT+05:00

Pakistan’s trade deficit improves by over 9% in June


July 01, 2025 at 05:24 PM GMT+05:00

Gold price in Pakistan rises Rs6,600 per tola



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg