Business
NA approves amendments in budget to impose Rs 50 levy on petroleum products
There is zero petroleum levy on petroleum products.
Islamabad: The National Assembly Wednesday approved amendments in the budget for the fiscal year 2022-23 to impose a Rs 50 levy on petroleum products.
Under the Finance Bill, the government has changed the cap on the petroleum development levy (PDL) from Rs30 per litre to Rs50 per litre.
However, the government hinted about increasing PDL to Rs50 per litre gradually.
At present, there is zero petroleum levy on petroleum products.
On the other hand, Federal Finance and Revenue Minister, Miftah Ismail here on Wednesday clarified that the government has no intention to pass on the full amount of petroleum levy (Rs.50 per liter) as incorporated in the Finance Bill 2022-23 to the consumers.
“The government has got the permission from you (the house) to impose up to Rs.50 per litter levy on petroleum products but there is no hope and intention to take the levy up to this figure”, he said while speaking in the National Assembly (NA).
The Minister also informed the members of the house that at present there is zero petroleum levy on the petroleum products.