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.

Islamabad: 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.

Lahore: The Lahore High Court (LHC) will announce the reserved verdict on pleas against the election of Hamza Shahbaz as Chief Minister of Punjab.

According to details, a five-member larger bench headed by Justice Sadaqat Ali Khan resumed hearing the pleas today.

During the hearing, the bench sought arguments from Hamza’s lawyer that whether the Supreme Court’s verdict on the presidential reference related to defecting lawmakers applies to past events.

Hamza’s counsel maintained that the ruling doesn’t apply to past events unless the apex court itself says so.

Later, the court reserved the verdict and will announce it tomorrow at 12:30 pm.

In a previous hearing, the high court had hinted at holding fresh election for the post of Punjab’s chief minister under April 16 circumstances, when incumbent Hamza Shahbaz was elected in a poll on a court order.