Govt has met another International Monetary Fund (IMF) requirement by raising the petroleum development levy on high-speed diesel (HSD) by Rs. 5 per litre.
The news comes just days after Finance Minister Ishaq Dar announced that petrol and HSD prices would stay unchanged until April 15.
The overall HSD levy has increased from Rs. 45 per litre to Rs. 50 per litre. This increase follows a similar increase in the price of gasoline, which has already hit Rs. 50 per litre as a result of the previous increase.
While the Oil and Gas Regulatory Authority (OGRA) suggested a Rs. 5 per litre decrease in HSD to alleviate inflationary pressures on the general public, the government instead decided to increase the petroleum development levy by Rs. 5 per litre.
Govt. Initiate
In addition, the petroleum tax on furnace oil has been raised to Rs. 2.83 per litre.
This move is anticipated to produce additional revenue for the government, but it may not be welcomed by the general public, who will bear the brunt of the increased costs.
On the plus side, the development levy on light diesel oil (LDO) has been lowered by 80 paisas, bringing the price down to Rs. 13.78 per litre from Rs. 14.58.
IMF DEMAND
The federal government has met another International Monetary Fund (IMF) requirement by raising the petroleum development levy on high-speed diesel (HSD) by Rs. 5 per litre.
The news comes just days after Finance Minister Ishaq Dar announced that petrol and HSD prices would stay unchanged until April 15.
The overall HSD levy has increased from Rs. 45 per litre to Rs. 50 per litre. This increase follows a similar increase in the price of gasoline, which has already hit Rs. 50 per litre as a result of the previous increase.
While the Oil and Gas Regulatory Authority (OGRA) suggested a Rs. 5 per litre decrease in HSD to alleviate inflationary pressures on the general public, the government instead decided to increase the petroleum development levy by Rs. 5 per litre.
In addition, the petroleum tax on furnace oil has been raised to Rs. 2.83 per litre.
This move is anticipated to produce additional revenue for the government, but it may not be welcomed by the general public, who will bear the brunt of the increased costs.
On the plus side, the development levy on light diesel oil (LDO) has been lowered by 80 paisas, bringing the price down to Rs. 13.78 per litre from Rs. 14.58.
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