ISLAMABAD: The government has earned 12 trillion PKR through the petroleum levy from its citizens for the period of nine months of the current financial year, according to documents presented in the National Assembly.
According to the records, a total of 12.518 trillion PKR has been earned through the levy imposed on petroleum products such as petrol and diesel between the period of July to March.
Month-wise collection was comprised of 1.45 trillion PKR
July: 1.45 trillion PKR
August: 1.15 trillion PKR
September: 1.11 trillion PKR
October: 1.45 trillion PKR
November: 1.51 trillion PKR
December: 1.57 trillion PKR
January: 1.24 trillion PKR
February: 1.20 trillion PKR
March: 1.37 trillion PKR
Apart from that, 35 billion PKR has been earned through the Climate Support Levy while the government’s target is 51 billion PKR, implying that there will be more earnings.
The economists have stated that the petroleum levy has emerged as one of the most important sources of earning for the government, however, this puts pressure on the people as increased prices of petrol and diesel lead to the rise in fares, prices of foodstuff, agriculture, and industries as well.
Petrol prices may rise further as global crude oil market surges
Meanwhile, amid a surge in global crude oil prices, the government is expected to announce another hike in petrol and diesel prices this week, a move likely to further fuel national inflation.
With Brent crude nearing $110 per barrel and US crude trading above $100, the rising costs driven by global supply shortages and geopolitical tensions are putting significant pressure on Pakistan’s import-dependent economy.
Experts anticipate that the government’s upcoming review this Friday will result in a price increase of at least Rs 10 per litre for petrol. This follows a substantial hike last week authorised by Prime Minister Shehbaz Sharif, which raised the price of diesel by Rs 15 and petrol by Rs 14.92.
Consequently, both fuels reached record highs, with diesel currently at Rs 414.58 and petrol at Rs 414.78 per litre. Because energy costs are a primary driver for the price of transport and essential goods, this latest potential increase is expected to disproportionately impact the common citizen by further raising the overall cost of living.
