The federal government has increased the petroleum levy instead of passing on the benefit of falling global oil prices to the public. The hike in petroleum levy has been implemented through a presidential ordinance.
According to the new ordinance, the government has raised the levy on petrol by Rs. 8.02 per litre and on diesel by Rs. 7.01 per litre.
With the latest increase, the petroleum levy on petrol now stands at Rs. 78.02 per litre, while the levy on diesel has reached Rs. 77.01 per litre.
The development comes a day after the government announced that petroleum prices would remain unchanged for the next 15 days.
According to the statement issued by the Ministry of Finance, the price of petrol will stay at Rs. 254.63 per litre and diesel at Rs. 258.64 per litre.
The reduction in global oil prices has been neutralized by a hike in the petroleum levy.
Previously, Prime Minister Shehbaz Sharif had stated that although global oil prices have declined, the benefit will not be transferred to the public. Instead, the revenue generated will be allocated for development in Balochistan.
