ISLAMABAD: During the initial half of fiscal year 2023-24, the federal government has amassed a total of Rs472.77 billion in petroleum levy (PL), constituting 54 percent of the designated PL budget for petroleum products in the ongoing fiscal year.
This collection reflects a substantial increase of 166 percent compared to the corresponding period in the preceding fiscal year.
The PL revenue for the first three months of the current fiscal year, 2023-24, stands at Rs222 billion. Although the initial budget projected a collection of Rs869 billion for the entire fiscal year, an upward revision of the PL from Rs50 per litre to Rs60 per litre on petrol and high-speed diesel (HSD) prompted the government to commit to collecting Rs918 billion under this category as part of an agreement with the International Monetary Fund (IMF).
Contrastingly, despite the upward trend in PL collection, the sales of petroleum products in the country have experienced a 15 percent decline on an annual basis during the first six months of the current financial year. Data from the Oil Companies Advisory Council (OCAC) reveals that the country’s petroleum product sales amounted to 7.68 million tons from July to December, marking a 15 percent decrease compared to the same period in the preceding financial year.
