ISLAMABAD: The government has collected about 43 per cent higher petroleum levy on oil products during the fiscal year ending on June 30, 2020 as compared to the previous year despite 13pc to 20pc reduction in local production and 25pc drop in import of major products.
The data released by the finance ministry has reported Rs294 billion collection through petroleum levy on oil products during fiscal year 2019-20 when compared to Rs206bn in fiscal year 2018-19.
Also, the government is estimated to have collected almost 31pc higher revenue on key oil and gas products during the year than the previous year despite 13pc and 20pc drop in local production of petrol and high speed diesel (HSD), respectively, and 25pc reduction in import of petroleum products when compared to FY2018-19.
The data released by the finance ministry puts the total revenue collection from seven important oil and gas heads at Rs416bn (July19-June20) compared to Rs319bn of the same period in FY2018, showing about 31pc increase. These heads include Gas Infrastructure Development Cess (GIDC), Gas Development Surcharge (GDS), petroleum levy, discount retained on crude oil, royalties on oil and gas, windfall levy on crude oil and petroleum levy on liquefied natural gas.