ECC after deliberation allows to increase petroleum levy from Rs 30 up to Rs. 50/Liter on RON 95 & above with effect from 16th Nov, 2022

ISLAMABAD, Nov 04, (SABAH): Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) at Finance Division on Friday. Federal Minister of Planning, Development & Special Initiatives Ahsan Iqbal Chaudhry, Federal Minister for Power Khurram Dastagir Khan, Shahid Khaqan Abbasi MNA/ex-PM, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Senator Dr. Musadik Masood Malik, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, Federal Secretaries, Chairman FBR and other senior officers attended the meeting. Ministry of energy (Petroleum Division) submitted a summary on High Speed Diesel/ Gas oil premium and informed that due to difference of premium on import of HSD for importing OMCs and PSO, there is an unsustainable position for importing OMCs and smooth supply of HSD in the country.

In order to ensure sustained supply/import security, the ECC after detailed discussion allowed premium on HSD subject to maximum capping at US$ 15/BBL for importing OMCs other than PSO for the months of November and December, 2022. Federal Board of Revenue presented a summary on increase in rate of Sales Tax on HOBC. It was conveyed that the rates of Sales Tax on POL products were reduced to zero from 1st February, 2022, that put pressure on FBR’s efforts to achieve its revenue targets. Therefore, the ECC after deliberation allowed to increase petroleum levy from Rs 30 up to Rs. 50/Liter on RON 95 and above with effect from 16th November, 2022, which is a luxury good being consumed by wealthy consumers in expensive vehicles. The ECC also approved Technical Supplementary Grants of Rs. 5 billion for conduct of 7th population census.