ISLAMABAD: After discussion, the Economic Coordination Committee (ECC) approved a rise in petroleum duty from Rs 30 to Rs 50/Liter on RON 95 and above, effective November 16, 2022. Petroleum is a luxury item enjoyed by rich people in costly automobiles.
Senator Mohammad Ishaq Dar, federal minister for finance and revenue, presided over the ECC meeting, according to a news release.
The Federal Board of Revenue provided an overview of the increase in the HOBC sales tax rate. Effective February 1, 2022, the rates of Sales Tax on POL items were decreased to zero, putting pressure on FBR’s attempts to meet its revenue goals.
The Ministry of Energy (Petroleum Division) provided a summary of the High-Speed Diesel/Gas oil premium and reported that owing to the disparity between the premium on import of HSD for importing OMCs and PSO, the import of OMCs and the supply of HSD in the nation are unsustainable.
In order to assure continuous supply/import security, the ECC approved a premium on HSD subject to a maximum of US$ 15/BBL for importing OMCs other than PSO in November and December 2022.
In addition, the ECC granted Technical Supplemental Grants of Rs. 5 billion for the seventh population census.