In the recently presented federal budget for the fiscal year 2024-25, the government has put forward a significant proposal to raise the levy on petroleum products. This proposal, if approved, will have an impact on the prices of petrol and diesel across the country.
According to the budget details, the government has recommended increasing the development levy on petrol from Rs. 60 to Rs. 80 per liter. This adjustment reflects the government’s efforts to generate additional revenue from the petroleum sector.
Additionally, the proposal includes maintaining the Petroleum Development Levy (PDL) at Rs. 50 per liter on diesel. This decision aims to stabilize the pricing structure for diesel, a crucial fuel for various sectors including transportation and agriculture.
Furthermore, the budget suggests an increase in the levy on Light Diesel Oil (LDO) from Rs. 50 to Rs. 75 per liter. This move is part of the government’s strategy to streamline the pricing of different petroleum products in line with market dynamics and revenue requirements.
The proposed changes in petroleum levies are significant as they can directly impact the cost of living for consumers and businesses alike. It is important to note that these proposals will undergo review and discussion before being finalized and implemented.
The government’s focus on petroleum levy adjustments underscores its commitment to fiscal management and revenue generation in a challenging economic environment. As discussions unfold in the National Assembly regarding the budget for 2024-25, stakeholders will closely monitor the outcomes and implications of these proposed changes in petroleum pricing.
