ISLAMABAD: With the budgeted target of Rs 750 billion being increased upward to Rs 855 billion for the current fiscal year 2022–23, the federal government has forecast a revenue deficit of Rs 175 billion in petroleum levy (PL) on petroleum products, it emerged on Saturday.
The government will raise rate of PL on high-speed diesel (HSD) by Rs 5 to Rs 50 per liter with effect from March 16, 2023 to reach its projection of Rs 680 billion, Business Recorder reported citing sources in Petroleum Division.
In the first six months (July-December) of 2022–2023, only Rs 177.805 billion was collected, compared to the projected Rs 680 billion based on local gasoline consumption, currency rate adjustments, and PL collection (20 percent of targeted Rs 855 billion collection).
At present, PL on HSD is Rs 45 per liter andRs50 PL per liter on petrol since November last year as these two petroleum products are major sources of PL collection. The government is anticipating collection of Rs 503 billion in second half (January-June) of current fiscal year or Rs 83 billion per month.
The oil sector claimed that it had suffered a significant loss of Rs35.88 billion as a result of the government’s artificial control over the prices of petroleum products, of which currency exchange loss is estimated at Rs32.6 billion for the second fortnight of February 2023 as a result of the artificial adjustment of oil prices.
