ISLAMABAD: In a major revenue measure in the budget, the government has slapped additional petroleum levy of Rs130 billion through the Finance Bill 2018 by slapping a fixed rate of Rs30 per liter on different petroleum products.
The budget document 2018-19 showed that the government estimated to collect Rs300 billion with the help of petroleum levy in the next fiscal year against revised estimates of Rs170 billion so the net addition of Rs130 billion will be collected. On the eve of the last budget for 2017-18, thegovernment had estimated to collect Rs160 billion from the petroleum levy.
The Finance Bill 2018 reads out that on High Speed Diesel the government slapped Rs30 per liter petroleum levy, Motor Gasoline Rs30 per liter, Superior Kerosene Oil Rs30 per liter, Light Diesel Oil at Rs30 per liter, High Octane Blending Component at Rs30 per liter and E-10 Gasoline at rate of Rs30 per liter. The government has imposed Rs20,000 per metric ton levy on Liquefied Petroleum Gas (produced/extracted in Pakistan) through Finance Bill 2018.
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