The federal government is considering to increase the levy on all petroleum products to fulfil demand of International Monetary Fund (IMF) set in the FY-2023-24 budget.
According to credible sources, the Ministry of Finance has proposed raising the levy rate by an additional Rs10 per litre to collect around Rs755 billion from this source during the fiscal year 2023-24. The current rate of PDL stands at Rs50 per litre.
The government had set a target of collecting Rs855 billion through the petroleum levy in the current fiscal year, said sources.
However, during the first nine months of this fiscal year, the collection only reached Rs362 billion, it added. To increase the petroleum levy, the Ministry of Finance will amend finance bill through parliament.
Remember that, Pakistan is making efforts with the IMF to revive the stalled EFF programme.
The hopes are dying each day mainly because the ongoing programme of $6.5 billion under the EFF will expire on 30th June.
Earlier IMF chief Kristalina Georgieva while addressing World Bank meeting in Washington said that Pakistan has not reached default and it is hoped that Pakistan will not reach default, Pakistan will not face a situation like Sri Lanka and Ghana.
Kristelina Georgieva, said that it is hoped that Pakistan will successfully complete its current program and extend it to Sri Lanka and Ghana. Such a situation will not have to be faced.