By Anzal Amin
ISLAMABAD: 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.
The ECC also approved Technical Supplementary Grants of Rs. 5 billion for the conduct of the 7th population census.
Federal Minister of Planning, Development and Special Initiatives Ahsan Iqbal, Federal Minister for Power Khurram Dastgir Khan, Shahid Khaqan Abbasi MNA/ex-PM, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, Federal Secretaries, Chairman FBR and other senior officers attended the meeting.
October 31, govt kept the prices of petroleum products unchanged effective from November 1, Finance Minister Ishaq Dar announced Monday, ahead of the International Monetary Fund’s (IMF) meeting.
“The price of petroleum products will remain unchanged till the next fortnight (November 15)”, the Finance Minister had announced last week.
The IMF has tasked the government to increase the petroleum levy in line with the commitments made by Pakistan to the money lender for securing the much-needed $1.17 billion loan.
The ruling coalition last slashed the price of petrol on September 30 by Rs12.63 per litre, giving massive relief to the inflation-stricken people, when Dar took charge as the finance czar.
