Reports suggest that the federal government is expected to set a petroleum levy collection target of Rs1.727 trillion for the upcoming financial year.
The proposed target is estimated to be around Rs292 billion higher than the current fiscal year’s benchmark and approximately Rs157 billion above the expected collection for the ongoing year.
It is reported that the government is on track to comfortably meet the current fiscal year’s petroleum levy target of Rs1.468 trillion. During the first eleven months (July to May), total collections reached Rs1.43 trillion.
An additional Rs140 billion is likely to be collected in June, which could take total revenue to around Rs1.57 trillion by the end of the fiscal year exceeding the original target by nearly Rs100 billion.
Data indicates a significant increase in petroleum levy revenue on a year-on-year basis, rising by approximately Rs600 billion compared to the same period last year.
Monthly collections showed fluctuations throughout the fiscal year, including Rs157 billion in July, Rs103.46 billion in August, Rs112.85 billion in September, Rs143.48 billion in October, Rs148.36 billion in November, Rs162.46 billion in December, and Rs108.76 billion in January.
Further monthly figures include Rs120.39 billion in February, Rs139.48 billion in March, Rs146 billion in April, and around Rs87.5 billion in May.
Overall, more than Rs686.52 billion was generated from imported petrol and diesel during the July–May period, while over Rs753.54 billion came from petroleum products refined from imported crude oil.
The figures highlight the increasing importance of petroleum levy as a key revenue stream ahead of the upcoming federal budget.
