The federal government on Friday decided to increase the petroleum levy on RON-95 (HOBC) from the next round of petrol price revision.
This decision was taken during the Economic Coordination Committee (ECC) meeting in the Finance Division on Friday. Federal Finance Minister Senator Ishaq Dar presided over the meeting.
Federal Ministers for Planning Ahsan Iqbal, Power Khuram Dastgir Khan, Former Prime Minister Shahid Khaqan Abbasi, Minister of State for Finance Dr. Ayesha Ghos Pasha, Minister of State for Petroleum Mossadegh Masood Malik, SAPM for Finance Tariq Bajwa and others participated in the meeting. of SAPM on Revenue Tariq Pasha, Federal Secretaries, Federal Board of Revenue (FBR) Chairman and other senior officers.
During the meeting, FBR presented a summary of sales tax hike on RON-95 (HOBC).
The forum was informed that the sales tax on petroleum products has been zeroed from February 1, 2022.
The FBR said the move puts pressure on efforts to achieve revenue targets.
After deliberation, the ECC allowed petroleum levy on RON-95 from Rs 30 to Rs 50 per liter and above with effect from November 16, 2022.
It was argued that HOBC is a luxury item used by wealthy consumers in expensive vehicles.
Diesel Premium
Ministry of Energy – Petroleum Division submitted a summary on High Speed ​​Diesel (HSD)/Gas Oil Premium.
They said that due to the difference in premium for oil marketing companies (OMCs) and PSOs on HSD import, an unsustainable position was created for OMCs to import and ensure smooth supply of HSD in the country.
To ensure continued supply/import security, the ECC allowed a premium on HSD for imports of OMCs other than Pakistan State Oil (PSO) for November and December 2022 – up to $15/BBL. Subject to higher capping.
The ECC also approved technical supplementary grants of Rs 5 billion for conducting the seventh census.
