Economic Coordination Committee meeting, approval to increase Petroleum Development Levy

International Monetary Fund (IMF) approves hike in Petroleum Development Levy on condition: Sources – Photo: File

A meeting of the Economic Coordination Committee was held under the chairmanship of Finance Minister Ishaq Dar and sources say that the increase in Petroleum Development Levy has been approved in the meeting.

Sources say that the approval to increase the rate of petroleum development levy on high premium has been approved on the condition of the International Monetary Fund (IMF).

Sources further say that in the meeting, it has been approved to impose a levy rate of Rs 50 on high octane petrol and a levy of Rs 50 will be imposed on high octane petrol from November 16.

Sources said that the summary regarding imposition of sales tax on petroleum products has been postponed in the meeting.

Sources in the Ministry of Finance say that a petroleum development levy of Rs. 30 was imposed on high octane, and on the condition of the IMF, it has been approved to impose a levy of Rs. 50 on high octane.

According to the sources, it has been approved to impose the full petroleum development levy rate on high octane.

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