H1FY24: Govt collects Rs472.7bn petroleum levy

ISLAMABAD: The federal government has collected Rs472.77 billion petroleum levy (PL) during the first six months of fiscal year 2023-24, which is 54 per cent of the total budgetary estimates of PL on petroleum products for the current fiscal year.

The collection of PL is 166 per cent higher than the collection during the same period of last fiscal year.

The PL collection has been Rs222 billion in first three months of current fiscal year 2023-24.

Petroleum revenues reach all-time highs

The federal government had budgeted Rs869 billion collection on account of PL during the fiscal year 2023-24; however, following the upward revision of PL from Rs50 per litre to Rs60 per litre on petrol and high-speed diesel (HSD), the government has assured the IMF to collect Rs918 billion under the head during the fiscal year.

However, the sales of petroleum products in the country recorded a decline of 15 per cent on annual basis in the first six months of the current financial year. According to the Oil Companies Advisory Council (OCAC), the country recorded sales of 7.68 million tons of petroleum products in the first six months of the current financial year (July to December), which is 15 per cent less than the same period of the previous financial year. In same period of the previous financial year, the country recorded sales of 9.03 million tons of petroleum products.

Copyright Business Recorder, 2024