ECC approves raising petroleum levy to Rs50 under IMF conditions

ISLAMABAD, Nov 04 (NNI): The Economic Coordination Committee (ECC) after deliberation allowed to increase petroleum levy from Rs 30 up to Rs. 50/Liter on RON 95 and above with effect from 16th November, 2022, which is a luxury good being consumed by wealthy consumers in expensive vehicles.
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of ECC, said a press release issued here.
Federal Board of Revenue presented a summary on increase in the rate of sales tax on HOBC. It was conveyed that the rates of Sales Tax on POL products were reduced to zero from February 01, 2022, which put pressure on FBR’s efforts to achieve its revenue targets.
The Ministry of Energy (Petroleum Division) submitted a summary on High Speed Diesel/ Gas oil premium and informed that due to the difference of premium on import of HSD for importing OMCs and PSO, there is an unsustainable position for importing OMCs and smooth supply of HSD in the country. In order to ensure sustained supply/import security, the ECC after detailed discussion allowed premium on HSD subject to maximum capping at US$ 15/BBL for importing OMCs other than PSO for the months of November and December, 2022. NNI