Monday, July 15, 2024

Budget 2024-25: Govt Announces Substantial Hike in Petroleum Levy

Finance Minister Mohammad Aurangzeb presented the budget for the upcoming fiscal year on Wednesday, announcing a substantial increase in the petroleum development levy (PDL) on diesel and petrol.

The maximum PDL limit for these fuels has been raised to Rs80 per litre.

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During his budget speech, the Finance Minister outlined the government’s aim to reduce the budget deficit to 6.9 per cent of GDP. According to the Finance Bill 2025, the new maximum PDL on high-speed diesel oil and petrol has been increased by Rs20, reaching Rs80 per litre.

The PDL on superior kerosene oil (SKO) remains unchanged at Rs50 per litre. However, the levy has been increased on light diesel oil (LDO), high-octane blending component (HOBC), and E-10 gasoline, rising from Rs50 to Rs75 per litre. The PDL on locally produced or extracted liquefied petroleum gas (LPG) is maintained at Rs30,000 per metric tonne.

The budget document indicates that the government plans to generate Rs1,281 billion from these adjustments in the PDL.

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