ISLAMABAD: Following an agreement with the International Monetary Fund (IMF), federal government on Monday announced that the petroleum development levy (PDL) will increase Rs4.95 every month.
This was announced by Advisor to the PM on Finance and Revenue Shaukat Tarin and Minister for Energy Hammad Azhar at a press conference.
The adviser on finance said that the Petroleum Development Levy (PDL) on petrol will have to be increased by Rs 4.95 per month.
The tariff will be increased by Rs 4.95 while the petroleum development levy has to be increased up to Rs 30.
Tarin said that the IMF has appreciated Pakistan reforms in various sectors. He said the IMF emphasises on bringing transparency to the governance of State Owned Enterprises, easing tax laws, and focusing on targeted subsidy. He said the IMF appreciated the Ehsas Program and Kamyab Jawan Program.
He said the IMF has also recommended some prior actions, including imposition of petroleum levy, rationalization of the State Bank of Pakistan act, audit of Covid-19 pandemic expenditure, and the detail of beneficial owners of anti-Covid vaccine manufacturing companies. He said the government will have to raise the petroleum levy per by four rupees litre in every quarter.
Minister for Energy Hamad Azhar also hinted at increasing the power tariff in the coming months.
He said there will be no impact on winter package and industrial tariff as a result of prior action recommended by the IMF.
The minister further said perhaps, we will have to increase electricity tariff in next few months. He expressed the hope that there will be more economic stability after this program.
