ISLAMABAD – Finance Minister Shaukat Tarin revealed an increase in the prices of petroleum products as authorities increased the petroleum levy target from Rs450 billion to Rs610 billion in the Budget 2021-22.
Tarin, soon after the budget speech, disclosed that they have to increase the prices of petroleum and it will keep increasing on an interval basis for the whole year.
Speaking in a private news channel, he revealed that talks with the International Monetary Fund (IMF) continue over the stabilisation of revenue collection.
Rs5 per litre levy was being charged but in the next Fiscal Year, it will have to be set between Rs20 to Rs25 per litre.
Responding to a query, the former banker said Pakistan will not exit from the IMF programme, adding that the authorities had asked Pakistan to present its budget so negotiations will continue.
He also clarified that they had conveyed to the international organization that it should not be their problem on how the Federal Board of Revenue meets the set revenue collection target of Rs5.829 trillion. Tarin also revealed an impasse between the two sides over different issues, including fixation of petroleum levy, FBR’s tax collection target and assessment of elimination of tax exemption.
Pakistani rupee remains stable against US dollar and other currencies in the open market on February 22, 2024 (Thursday)
In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.
Euro comes down to 300.2 for buying and 303.2 for selling while British Pound rate stands at 350.6 for buying, and 354.1 for selling.
UAE Dirham AED hovers at 76.2 whereas the Saudi Riyal saw slight increase, with new rates at 74.45.
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