Petroleum levy set to rise up to Rs50/litre on IMF demand

Pakistan has assured the International Monetary Fund (IMF) to gradually increase the levy on petroleum products up to Rs50 per litre.

According to details, a letter of intent has been agreed upon between Pakistan and the IMF.

In the LOI, Pakistan has assured the international lender to gradually increase the levy on petroleum products to Rs50 per litre.

Sources said that from September 1, the levy on petrol will be increased by Rs10 and on diesel by Rs5 per litre.

Sources said that the levy will be increased by another Rs5.5 per litre in the coming months and by January 2023, the rate of levy will increase to Rs50 per litre on petrol and diesel.

According to the sources, at present a levy of 20 rupees is being collected on petrol and Rs10 on diesel and kerosene, and the target is to collect Rs855 billion in the current financial year of 2022-23 in the form of petroleum levy.

Earlier in the day, Finance Minister Miftah Ismail had announced that Pakistan has sent back the signed letter of intent (LoI) to the International Monetary Fund (IMF).

Speaking to media in Islamabad, Miftah Ismail said that the LoI was sent to the    IMF after being signed by him and acting governor of State Bank of Pakistan (SBP).

Source link

Latest

Inside Faf de Klerk & Miné van Niekerk’s Maldives honeymoon

South African rugby player Faf de Klerk and his...

Oilers’ Holloway stakes claim to top-six spot with four-point night

EDMONTON — As training camp grinds to a close,...

Russia-Ukraine war live updates: Ukrainians break through Russian defences in south, advance rapidly in east

Key eventsShow key events onlyPlease turn on JavaScript to...

Fast-moving Nebraska wildfire scorches 15,000 acres and forces evacuations

A fast-moving Nebraska wildfire that started Sunday afternoon and...

Dar pledges to arrest flight of dollar

ISLAMABAD    -   Finance Minister Ishaq Dar has ac­cused PTI Chairman Imran Khan of destroying the national economy and assured the masses that he...

Sadiq and Ameen: PPP senator takes aim at Article 62 | The Express Tribune

ISLAMABAD: A Pakistan Peoples Party (PPP) lawmaker on Monday tabled a bill in the upper house of parliament, seeking to amend Article 62(1) (f) –...

Ukrainian forces burst through Russian lines in major advance in south

Ukrainian forces achieved their biggest breakthrough in the south of the country since the war began, bursting through the front and advancing rapidly...