Government's Petroleum Levy Collection Surges by 100%

The collection of petroleum levy in Islamabad has seen a significant increase of nearly 100% on an annual basis from July to March. Reports indicate that in the first 9 months of the current financial year, the levy collection amounted to 719 billion 56 crore rupees, compared to 362 billion 48 crore rupees collected during the same period last year.

The target for the collection of petroleum levy for the ongoing fiscal year stands at 869 billion rupees, with the IMF estimating a collection of 918 billion rupees for the same period. In the previous financial year, a total of 580 billion rupees were collected through the petroleum levy.

Currently, a levy of 60 rupees per liter of petrol and 60 rupees per liter of high-speed diesel is being imposed, contributing to the increased collection figures.

This surge in petroleum levy collection reflects the government's efforts to boost revenue generation and meet fiscal targets. The substantial increase in levy collection underscores the importance of such measures in ensuring financial stability and meeting economic goals.