Islamabad: The Federal Board of Revenue (FBR) has estimated an addition of PKR 3-4 billion revenue in the month of August – which is to be generated because of the 11.8% increase in prices of petroleum products, reported a national publication on Wednesday.
A senior official from the revenue board reported that the government has hiked the ex-refinery prices of petroleum products across the board to generated additional general sales tax (GST) revenue – which has been settled at the 17% standard rate for the month of August.
As per details, the government has decreased the petroleum levy on petrol to PKR 26.70 per litre and PKR 25.73 per litre for high-speed diesel oil. Similarly, the levy on light diesel oil (LDO) is fixed at PKR 3 per litre and PKR 6 per litre on superior kerosene oil (SKO).
Furthermore, the Finance Division announced an 11.8% increase in petroleum prices by keeping GST at the fixed rate. The ex-refinery prices of petroleum products have increased, however, the petroleum levy on petrol and diesel is reduced to minimise the effect of escalating petrol prices in the global market.
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