Govt Considering to Restore Petroleum Levy in Upcoming Budget 2022-23

The Federal Government is considering a proposal to restore the petroleum levy in the upcoming budget for the fiscal year 2022-23. According to the details, the Government plans to earn over 1600 billion from non-tax sources in the upcoming fiscal year.

According to the details, the Government aims to collect Rs. 550 billion from petroleum levy, Rs. 40 billion from gas development surcharges, Rs. 116 billion from oil and gas royalty, Rs. 8 billion from LPG levy, and Rs. 35 billion from crude oil royalty,

Furthermore, the Federal Government also plans to collect Rs. 2 billion from GID, Rs. 200 billion from the State Bank of Pakistan (SBP) dividend, and Rs. 245 billion from interest.

Meanwhile, Rs. 35 billion is likely to be collected from passport fee and Rs. 98 billion from other non-tax income sources.

It is pertinent to mention that restoring petroleum levy will result in massive increase in prices of these commodities, which will lead to more inflation in the country and put more pressure on the already burdened population.

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