ISLAMABAD: The government has collected Rs472 billion in head of petroleum levy (PL) so far in first six months of fiscal year 2023-24.
Overall, the revenue collection target from petroleum levy has been set at Rs920 billion for fiscal year (2023-2024).
According to the officials, the federal government has collected more than Rs472 billion so far under petroleum levy during July-December period of current fiscal year.
It is to be noted that the government charges Rs60 per litre tax on petrol and diesel.
Initially, the government had projected revenue of Rs869 billion from petroleum levy for FY 2023-24 under commitment to the IMF. However, now the government is hopeful about the target to surpass Rs920 billion.
In the previous fiscal year (2022-2023), the government had generated Rs580 billion from the petroleum levy.
The sources informed that Pakistan had assured IMF to increase petroleum levy in FY2024-25 as it is planning for a fresh loan programme.
The sources claimed the government has assured IMF to increase revenue from petroleum levy to Rs1,065 billion in FY2024-25.
