Govt raises petroleum levy on petrol over IMF concerns: report

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ISLAMABAD: The Finance Ministry on Saturday increased the petroleum levy (PL) on petrol after the International Monetary Fund (IMF) raised concerns over the reduction in the POL prices for the previous fortnight, The News reported Monday.

Eyebrows were raised when Money Pastor Ishaq Dar reported to cut the costs of petroleum and other oil based goods. Dar’s ancestor Miftah Ismail had named the move “foolish”, setting off areas of strength for a from him.

The public authority on Saturday expanded the duty by Rs14.84 to Rs47.26 per liter on petroleum, while decreasing it on diesel, with a quick impact from October 16, 2022, keeping the costs unaltered at Rs224.80 per liter and Rs235.30 per liter individually.

The PL on petroleum was Rs32.42 from October 1, 2022.

The expansion in the oil demand on Mogas has been forced due to the worries shown by the IMF when the money service decreased it on petroleum by Rs5 to Rs32.42 from Rs37.42 per liter on October 1, 2022.

Under the concurrence with the IMF, the public authority needs to get an income of Rs850 billion during the current monetary by lifting the Oil Duty to Rs50 per liter on petroleum and diesel.

In any case, it has diminished the duty on diesel by Rs5.44 to Rs7.14 per liter from October 16, 2022.

The oil demand on diesel was at Rs12.58 per liter from October 1, 2022.

At the present time, the oil duty of Rs30 per liter stands on HOBC, Rs8.90 per liter on lamp fuel oil, light diesel oil Rs1.59, and E-10 gas Rs23.21 per liter.

On petroleum, the inland cargo adjustment edge (IFEM) was diminished by Re0.52 to Rs2 per liter from Rs2.53.

The area edge, remembering the additional edge for petroleum, remains at Rs3.68 per liter while sellers’ edge remains at Rs7 per liter.

On diesel, IFEM has expanded by Re0.07 per liter to Rs1.83 from Rs1.76 per liter. Vendor edge on diesel likewise remains at Rs7 per liter and locale edge, including additional edge, remains at Rs3.68 per liter.

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