The government raises the development levy on petrol to Rs. 55 per litre.

The federal government has begun implementing additional measures in accordance with the agreement agreed with the International Monetary Fund (IMF) as part of the recently approved bailout package.

As part of these steps, the government has decided to hike the petrol charge by Rs 5 per litre in order to collect more money. As a result, the development levy on gasoline has been raised from Rs 50 to Rs 55 per litre.

The revised petroleum taxation rates will be implemented across the country immediately. The development levy on high-speed diesel, on the other hand, will remain intact at Rs 50 per litre.

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It is worth noting that both fuel and high-speed diesel levies would eventually be subject to incremental increases, eventually reaching Rs 60 per litre under the new IMF programme.

The public is estimated to contribute Rs 859 billion in the fiscal year FY 2023-24 as a result of the fuel levy.

Ishaq Dar, the Finance Minister, announced higher petrol pricing last night that would be in force until July 15. Petrol prices would remain steady at Rs. 262 per litre, according to the Minister. Diesel prices, on the other hand, have risen by Rs. 7.50. For the following two weeks, the new per-liter diesel price will be Rs. 261.