The federal government has started implementing the strict conditions of the International Monetary Fund (IMF) and has increased the levy rate on petroleum products, for which a notification has also been issued.
Despite a significant drop in the price of crude oil in the world market, the federal government deprived the people of great relief in the prices of petroleum products. The government has increased the levy on petrol and high speed diesel by Rs 4 per liter.
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After the notification issued by the federal government, the sales tax on petrol was reduced from zero to Rs. 2, 34 paise per liter. Sales tax on high speed diesel has been increased from 7.20% to 7.37% per liter.
According to the notification, the levy on petrol has been increased to Rs 13.62 per liter while the levy on high speed diesel has been increased to Rs 13.14 per liter.
According to the federal government’s notification, petroleum levy was earlier levied on petrol at Rs 9.62 per liter while petroleum levy on high speed diesel was levied at Rs 9.14 per liter.
In the notification issued, levy on kerosene was increased by Rs3.85 per liter, levy on kerosene was Rs5.91 per liter, petroleum levy on kerosene was Rs2.6 paisa per liter.
According to the federal government, the levy on light diesel was reduced to Rs 3.66 per liter, while the petroleum levy on light diesel was zero. The new rates of levy and sales tax on petroleum products will be applicable from December 1.