Tax on Petrol RS 75 | Petrol Likely to Become More Expensive as Govt Eyes Higher Levy| Watch Details

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Government plans to raise petroleum levy to Rs85 per litre to settle Rs1.7tr gas debt
Govt plans petroleum levy hike to Rs85 per litre to retire gas circular debt
Govt plans fuel levy hike to clear gas sector debt
The government is considering increasing the petroleum levy by Rs. 5 per litre to help retire Rs. 1.7 trillion worth of gas sector circular debtThe report noted that, reviewed this week at the level of Finance Minister Muhammad Aurangzeb, includes raising the petroleum levy on petrol and high-speed diesel to generate around Rs. 540 billion over the coming years, subject to approval by the federal cabinet and the International Monetary Fund (IMF).

Under the plan, the existing petroleum levy of Rs. 79.62 per litre on petrol and Rs. 75 per litre on diesel would rise to about Rs. 85 and Rs. 80 per litre respectively. The additional burden would be borne by consumers nationwide as part of efforts to address long-standing liabilities in the gas sector.
Government sources said the Petroleum Division has proposed settling the debt through a mix of higher petroleum levy, dividends from state-owned oil and gas companies, and savings generated from diverting imported LNG cargoes. The total gas sector circular debt is estimated at around Rs. 3.3 trillion as of end June, including Rs. 1.5 trillion in late payment surcharges.

Officials said the government plans to retire the principal amount of Rs. 1.7 trillion over six years. Unlike the power sector, the gas sector does not have a dedicated surcharge mechanism to service its debt, prompting the search for alternative revenue streams.

Petroleum Minister Ali Pervaiz Malik said the use of dividends from state-owned companies is being considered due to the absence of guaranteed gas sector revenues. He noted that in the power sector, a surcharge of Rs. 3.23 per unit is already being charged to pay off circular debt.

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