Govt revenue from petroleum levy surges 98.5% YoY in 9MFY24

May 02, 2024 (MLN): The government has collected Rs719.6 billion through petroleum levy during the ongoing fiscal year (9MFY24), marking an increase of nearly 99% compared to the Rs362.5bn revenue recorded in the same period last fiscal year.

According to the latest data released by the Finance Ministry, Pakistan recorded a fiscal deficit of Rs3.902 trillion (-3.7% of GDP) in 9MFY24, as compared to a fiscal deficit of Rs3.08tr (-3.6% of GDP) in 9MFY23.

On the revenue front, the government reported a total revenue of Rs9.78tr (9.2% of GDP) as against Rs6.94tr (8.2% of GDP) in 9MFY23.

The breakdown of this revenue reveals that the government collected Rs7.26tr through taxes, with the remaining Rs2.52tr classified as non-tax revenue.

Under the non-tax revenue, major components are related to government inflows from fuel products, with the highest amount generated through petroleum levy.

The Royalties on Oil\ Gas stood at Rs127.85bn in 9MFY24, while in the same period last year, it amounted to Rs88.53bn, reflecting a growth of 44.42% YoY.

Moreover, the Windfall Levy against Crude Oil also saw a rise of over 9% YoY to Rs20.89bn in 9MFY24.

Copyright Mettis Link News