ISLAMABAD: The National Assembly has approved, on Wednesday, an amendment of the Petroleum Products (Petroleum Levy) Ordinance, 1961 (XXV of 1961), which will allow the government to increase maximum limit of petroleum levy (PL) from Rs30 to Rs50 per litre on all petroleum products in the next financial year 2022-23.

A proposal to levy Rs30,000 metric ton on Liquefied Petroleum Gas (produced/extracted in Pakistan) prices which has been incorporated in the petroleum products (petroleum levy) Ordinance, 1961 (XXV of 1961) was also approved. “In Finance Bill 2022 as introduced in the National Assembly, after clause 1, the new clause 1A, shall be inserted: Amendment of Petroleum Products (Petroleum Levy) Ordinance, 1961 (XXV of 1961) - in the petroleum products (petroleum levy) Ordinance, 1961 (XXV of 1961) for the fifth schedule”.

Super tax a one-time levy, will help narrow budget deficit: Miftah Ismail

On Wednesday, Federal Minister for Finance Miftah Ismail clarified that the government had no intention to pass on the full amount of PL (Rs50 per litre) as incorporated in the Finance Bill, 2022-23, to the consumers. The government got just the permission from the house for imposition up to Rs50 per litre levy on petroleum products.

Copyright Business Recorder, 2022