National Assembly approves imposing Rs50 levy on petroleum products

ISLAMABAD – The National Assembly on Wednesday approved imposing a petroleum levy of Rs50 during the budget session.

The lower house approved amending the Petroleum Products (Petroleum Levy) Ordinance, 1961. The finance minister, while speaking on the floor of the lower house, said that the petroleum levy was at Rs0 currently. He added that the government will not impose Rs50 in one go, rather it would be gradual.

The National Assembly on Wednesday passed the Finance Bill, 2022, in the absence of the Opposition, bringing the government closer to fulfilling the International Monetary Fund’s (IMF) requirement for the revival of the much-needed loan programme.

The government presented the budget for the fiscal year 2022-23 on June 10 with a fiscal adjustment of Rs1.25 trillion, but the money lender did not accept it, leaving Pakistan with no other choice but to make further amendments.

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