ISLAMABAD: The government is optimistic about surpassing the petroleum levy collection target of Rs869 billion budgeted for the ongoing fiscal year following 83 percent collection during the first three quarters.

The government has collected Rs719 billion during July-March 2023-24 which is 83 per cent of the budgeted Rs869 billion as collection of levy was 99 per cent higher during the first three quarters of the current fiscal year as opposed to the same period of the last fiscal year.

During the first nine months of the current fiscal, levies and surcharges on petroleum sector surpluses the amount collected in same period last fiscal year 2022-23.

Petrol price slashed by Rs5.45, diesel’s by Rs8.42

Discount retained on crude oil Rs19.495 billion, royalties on oil\gas Rs127.852 billion, windfall levy against crude oil Rs20.887 billion, petroleum levy on LPG Rs2.610 billion, gas infrastructure development cess Rs2.023 billion, natural gas development surcharge Rs18.633 billion, petroleum levy Rs719.592 billion, others Rs120.240 billion.

During the last fiscal year same period (July-March 2023) collection was: Discount retained on crude oil Rs16.026 billion, royalties on oil\gas Rs88.530 billion, windfall levy against crude oil Rs19.159 billion, petroleum levy on LPG Rs2.594 billion, gas infrastructure development cess Rs7.303 billion, natural gas development surcharge Rs11.728 billion.

Copyright Business Recorder, 2024