Govt targets Rs1.28tr from Petroleum Levy in FY25

June 13, 2023 (MLN): The federal government has set a target to collect Rs1.28 trillion through the petroleum levy in the fiscal year 2024-25, a significant jump of 33.4% over the previous year’s revised collection.

In FY24, the government collected Rs960 billion from the petroleum levy, as compared to the original target of Rs869bn.

Rs. in Billion

Moreover, the government expects to collect Rs28bn windfall levy against crude oil, the same as the amount collected in FY24 against a target of Rs35bn.

Meanwhile, the government expects to collect Rs400 million from the newly introduced windfall levy on gas.

The government also plans to collect Rs3.54bn through petroleum levy on Liquefied Petroleum Gas (LPG) in FY25. In FY24, the government collected just Rs3.52bn as compared to the original target of Rs12bn.

To note, the federal government has decided to increase the maximum petroleum levy by Rs20 to Rs80 per unit on High-speed diesel oil (HSDO) and Motor gasoline for the fiscal year 2024-2025.

Additionally, the maximum levy on Light Diesel Oil (LDO), Light Diesel Oil (LDO), and High octane blending component (HOBC) is also raised to Rs75 per liter, respectively.

On the other hand, the levy on Superior Kerosene Oil (SKO) remains at Rs50 per liter, and for Liquefied Petroleum Gas (produced/extracted in Pakistan), it stands at Rs30,000 per Metric ton.

Copyright Mettis Link News