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Approval to increase petroleum levy from Rs.30 to Rs.50


Islamabad: The Economic Coordination Committee (ECC) of the Cabinet has approved to increase the petroleum levy on RON95 from Rs.30 to Rs.50.

ECC has also given conditional permission to oil marketing companies for premium on high speed diesel. In a meeting presided over by Federal Finance Minister Ishaq Dar, the Federal Board of Revenue summarized the increase in sales tax rate on HOBC. Presented

The meeting was informed that the sales tax rate on petroleum products had been reduced to zero from February 1, 2022, which has put pressure on the FBR’s efforts to achieve tax collection targets.

After a detailed discussion in the meeting, the ECC has approved to increase the petroleum levy on RON95 from Rs.30 to Rs.50, which will be applicable from November 16, 2022.

The meeting has given conditional permission to oil marketing companies for premium on high speed diesel.

For the months of November and December 2022, oil marketing companies will be allowed to import premiums with a maximum price ceiling of $15 per bbl.

The ECC has also approved a technical supplementary grant of five billion rupees for the seventh census.

Earlier, Minister of State for Petroleum Mossadegh Malik said that they are currently considering increasing the levy on petroleum products, our gas reserves are gradually depleting, 680 mmcfd gas supply is being given to Sui Northern. Is.

He said that the demand of domestic consumers in winter is 950 to 1350 mmcfd, gas supply to domestic consumers is the first priority, they are installing meters at the neighborhood level to check gas supply.

The federal minister said that Sui gas owners will have to give an account of the gas they bought, gas supply without meter will be stopped, gas theft in Sui Northern is 8%.

Sui companies will have to pay the profit and loss of gas supply in full. In the next six months, gas meters will be installed on every town monitoring system. Local gas will be provided to bread ovens. Will give PG.

Mossadegh Malik said that he has written letters to all countries including Russia regarding energy, there will be progress when the answer is received, Turkmenistan has the fourth largest reserves, 1.4 billion cubic feet of gas will be taken from Turkmenistan.

Instead of the risk of sanctions, we will take the risk of the country and instead of Iran, we will take the risk of Afghanistan. There will be restrictions on the purchase of gas from Iran. The gas pipeline from Turkmenistan has a security risk only in Afghanistan. We are sincere in laying the gas pipeline. are

Briefing the Prime Minister daily on the gas load management plan, he has told the people of Optima that there is no gas, so they have been asked to make a plan together.

The federal minister said that all the concerns of the Karachi chamber will be removed, the procedure of DGPC will be made transparent and online.






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