Government Trims Petroleum Levy For Stabilizing Prices
Since the start of this year, the levy on fossil fuel products has been slashed by 64%
The federal government is trimming petroleum levy (PL) to keep the prices stabilized despite increase in global oil prices.
Since the start of this year, the levy on fossil fuel products has been slashed by 64%. The federal government has reduced it to maintain stability in fuel prices.
Since December last year, the government had increased the prices of petroleum products every fortnight to maintain concurrence with global oil prices.
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On Jan 1, 2021, the levy on petrol per liter was Rs 22.85 per liter but as recorded on May 18, it has been slashed to Rs 4.74 per liter. During the period, the petrol price has gone up by 34%.
The ex-refinery price of the fossil fuel on January 1 was Rs 57.71 and on May 18, it stayed at Rs 78 per liter.
As reported on January 1, 2021, the tax on diesel was at Rs 24.38 per liter but it stood at Rs 8.86 per liter on May 18. During the span, the diesel price has surged by 25% and its current ex-refinery price is Rs 79 per liter.
