Govt collects 'historic' petroleum levy during ongoing FY

ISLAMABAD: The Federal government has collected a ‘historic’ petroleum levy from citizens during the first nine months of the current fiscal (2023-24) year with a nearly 100 percent increase during the same period last year, ARY News reported.

The sources privy to the development said that the collection from July 2023 to March 2024 is Rs 719.56 billion around Rs 357.08 more than levy during the same period last year

The government had collected Rs 362.48 billion during the fisrt nine months of the fiscal year 2022-23.

The federal government has set Rs 869 billion as the target for petroleum levy collection for the current financial year, while the IMF has estimated the collection at Rs 918 billion.

At present, the federal government is charging a levy of Rs 60 per liter on petrol while the same amount of levy is also applicable on per liter high-speed diesel.

The amount of petroleum levies collected from citizens has increased significantly—nearly 100 percent more than during the same period last year.

In the previous fiscal year (2022-23), the total petroleum levy collection remained at Rs 580 billion.

Earlier, the federal government had collected more than Rs472 billion in petroleum levy in first six months of the current fiscal year.

The sources privy to the development said that the federal government had more than Rs472 billion in the head of petroleum levy during first six months of the current fiscal year (July 2023 to December 2023).