Islamabad June 12 2021: Petrol and Diesel prices are likely to go up by PKR25 per liter as per the budget documents presented in the National Assembly by Finance Minister Shaukat Tarin on Friday.
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In the Budget set for fiscal year 2022 government has set a target of PKR610 billion collection under the head of Petroleum Levy. In order to raise the targeted amount Petrol and Diesel prices are required to increase by PKR25 from current level of PKR106.6 and PKR110.76 as notified by Oil and Gas Regulatory Authority.
Currently, the government of Pakistan is in negotiation of getting oil facility from its friendly country Saudi Arabia as per Finance Minister Shaukat Tarin. However, the quantum and timing of the facility are not finalized yet.
The current rates of Petroleum Levy could fetch less than PKR100 billion against target of PKR610 billion set for fiscal year 2022.
Domestic petroleum products sales recorded at 17.5 million tons during the period from July 2020 to May 2021 as per the data of Oil Companies Advisory Council. These volumes are 18 percent higher when compared to the same period of last year.
