Petrol Prices to Increase as Govt Plans to Impose Additional Petroleum Levy

The Petrol Prices in Pakistan are expected to increase as the Federal Government has decided to impose additional Petroleum Levy (PL) from September 2022 as it has reached an agreement with the International Monetary Fund (IMF) for the restoration of the $6 billion loan programme.

According to the details, the Federal Government has sent a Letter of Intent to the IMF – after it was signed by Prime Minister Shehbaz Sharif and Finance Minister Miftah Ismail – which assured that Pakistan will impose additional Petroleum Levy (PL) in a phase-wise manner until it reaches Rs. 50 per litre.

The Petroleum Levy (PL) on Petrol is expected to increase by Rs. 10 from September 1, which is going to take the total amount of PL on the commodity to Rs. 30 per litre, while the Petroleum Levy (PL) on Diesel will be increased by Rs. 5 to a total of Rs. 15/litre.

Furthermore, the Federal Government plans to increase Petroleum Levy by Rs. 5 per litre each month until it reaches Rs. 50 per litre by January 2023, which was one of the conditions of the International Monetary Fund (IMF) for the restoration of the loan programme.

The hike in Petroleum Levy will result in massive increase in the Petrol Prices in Pakistan in the coming months. It is pertinent to mention that the Federal Government just revised the Prices of Petroleum Products from 16 August 2022 with an increase in the Price of Petrol, while slightly reducing the Price of High-Speed Diesel.

Petrol Prices in Pakistan From 16 August 2022

Read more: PM Sasta Petrol, Sasta Diesel Relief Package – How to Apply.

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