NA treasury benches approve petroleum levy amendment bill

The National Assembly on Friday approved the amendment bill regarding the petrol levy with a majority vote of 170-84. 

The National Assembly Speaker Ayaz Sadiq presided over the session of the lower house, where Finance Minister Muhammad Aurangzeb presented an amendment bill and it was approved with over 50 percent majority.

Under the amendment, the authorities fixed the Rs50 petroleum levy on light-speed diesel (LSD) and kerosene oil, while the Rs70 petroleum levy was fixed on high-speed diesel (HSD) and petrol.

Currently, the government was collecting a Rs60 petroleum levy, and it had announced to stretch it to Rs80. However, in a recently passed bill, it was fixed up to Rs70.

Sources said following the addition of a freshly fixed levy, the prices of petrol and diesel are likely to increase up to Rs7.50 and Rs9.84, respectively.

According to oil marketing companies’ estimates, the ex-depot price of petrol is expected to go up to Rs258.16 from Rs265.70 and HSD is likely to reach Rs277.73 per litre from 267.89.

In the outgoing fiscal year, the government collected Rs960 billion from the petroleum levy, surpassing the original target of Rs869 billion.