Maps
Magazine

TRADE & ECONOMY

Government Proposes Increase in Development Levy on Petroleum Products in Federal Budget 2024-25
Federal Budget 2024-25: Government proposes hike in development levy on petroleum products. Development levy on petrol to increase from Rs 60 to Rs 80 per litre, while light diesel oil levy to rise from Rs 50 to Rs 75 per litre.
ND
by News Desk
2024-06-12
Government Proposes Increase in Development Levy on Petroleum Products in Federal Budget 2024-25

The federal government has unveiled its proposed budget for the fiscal year 2024-25 in the National Assembly, featuring adjustments to the development levy on petroleum products.

According to the budget documents, the government has recommended an increase in the development levy on petrol from Rs 60 to Rs 80 per litre. However, the development levy on kerosene is proposed to remain unchanged at Rs 50 per litre. Similarly, the levy on light diesel oil (LDO) is slated to increase from Rs 50 to Rs 75 per litre.

These proposals signal a strategic move by the government to generate additional revenue through the imposition of higher levies on petroleum products. The increase in development levy on petrol and LDO reflects efforts to mobilize resources for financing developmental projects and addressing fiscal challenges.

While the proposed adjustments may lead to a rise in fuel prices, they are intended to support government initiatives aimed at promoting economic growth, infrastructure development, and social welfare programs.

As the budget deliberations progress, stakeholders will closely monitor the impact of these proposed changes on the economy and public welfare. The government's decision regarding petroleum product levies will play a crucial role in shaping the country's fiscal landscape and economic trajectory in the upcoming fiscal year.
Tagged:

PakistanEconomy

Budget2024

PetroleumTax
Share News: