In an aim to increase the revenue, the Federal Government has increased the levy on petroleum products by up to Rs.22 per litre, reports a local media outlet.
According to the details, the Ministry of Finance has increased the levy on petrol by Rs.4, and now it stands at Rs.14 per litre; previously it was Rs.10. Similarly, the tax on diesel has been increased to Rs.22 per litre from Rs.8. By increasing the levy, the government will be able to earn Rs.32 billion additional revenue for the month of February.
It is reported that the government has hiked the levy rates to curb the revenue shortfall. Aside from petrol and diesel, the levy on kerosene oil has also been increased by Rs.7 per litre.
Furthermore, levy on the sale of gasoline via retail outlets has been raised to Rs.17.47 while, on the other hand, the levy on the sale of diesel via retail outlets has been increased to Rs.24.93.
Recently, the government slashed the prices of petroleum products by up to Rs.0.73 per litre.
The new prices are as follow:
Petrol: Rs.90.97 per litre
High-speed diesel: Rs.106.68 per litre
Kerosene oil: Rs.82.98 per litre
Light-speed diesel: Rs.75.28 per litre
For this and other automotive industry related news, stay with PakWheels. Leave your comments in the section below.