Finance Minister Says petroleum Tax Hike Will Happen Slowly Over Time
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The increase in Petroleum Development Tax (PDL) will be gradually passed on to fuel prices to bring them at par with the international oil prices, Finance Minister Muhammad Aurangzeb said in his post-Budget press conference in Islamabad today.
The PDL increase will not be implemented immediately from July 1, 2024, but gradually, he added.In the budget presentation in Parliament on Wednesday, the finance minister announced an increase in the maximum charge on petrol and high-speed diesel by Rs. 80 per liter.The maximum petroleum exemption is now Rs. 80 per litre, an increase of Rs. 20 per liter compared to earlier Rs. 60 with both petrol and fast diesel.
Tax on Light Diesel Oil (LDO), High Octane Blend (HOBC) and E-10 petrol will also increase by Rs. 25 per liter to Rs. 75 per liter.It is pertinent to mention here that currently the government is taking Rs.60 tax per litres on Petrol and high speed diesel.
