Record High Petroleum Levy Collection in First Quarter of Fiscal Year

For the first time in the country’s history, the highest petroleum levy collection has been recorded in the first quarter of any fiscal year. During the current fiscal year’s first quarter, from July to September, Rs 261.69 billion was collected in petroleum levy.

This represents an increase of Rs 39.62 billion on an annual basis. In the same period last year, Rs 222.07 billion was collected. The target for petroleum levy collection for the current fiscal year is set at Rs 1,281 billion.

Last fiscal year, the total petroleum levy collection was Rs 1,019 billion. Currently, a levy of Rs 60 per liter is being charged on petrol and diesel. The Finance Bill proposed increasing the levy on petrol and high-speed diesel from Rs 60 to Rs 80 per liter.

Additionally, it was proposed to increase the levy on light diesel from Rs 50 to Rs 75 per liter, and on high-octane and E10 gasoline from Rs 50 to Rs 75 per liter. The levy on kerosene oil was recommended to remain at Rs 50 per liter