Islamabad July 1 2023: Pakistan authorities has increased the amount of Petroleum Levy on Petrol by PKR 5 per liter to PKR 55 per liter as Ministry of Finance decided to keep the petrol prices unchanged for next fifteen days despite fall in international prices.
Pakistan has agreed with IMF to increase the threshold of Petroleum Levy to PKR 60 per liter in order to increase additional revenue.
On the other hand, the amount of Petroleum Levy has been kept unchanged at PKR 50 per liter on prices of Diesel. Since 15th June 2023, prices of HSD increase by PKR 5.29 per liter in the international market while that of petrol decreased by PKR 3.06 per liter, according to the official document.
Yesterday, in the fortnightly review of petroleum products prices, Government has decided to increase the price of Diesel by PKR 7.5 per liter while maintaining the petroleum prices of all other products at the exiting level in order to provide utmost relief to the consumers and keep the prices stable in the country.
On Friday, the IMF team has reached a staff-level agreement with the Pakistani authorities on a nine-month Stand-by Arrangement (SBA) in the amount of SDR2,250 million (about $3 billion or 111 percent of Pakistan’s IMF quota). The new SBA builds on the authorities’ efforts under Pakistan’s 2019 EFF-supported program which expires end-June. This agreement is subject to approval by the IMF’s Executive Board, which is expected to consider this request by mid-July.