KARACHI: The government’s decision to impose petroleum and carbon levies on furnace oil (FO) from July 1 is likely to reduce domestic consumption and push refiners toward exports, according to market analysts. For the first time, a combined levy of Rs79.5 per litre—comprising Rs77 in Petroleum Levy (PL) and Rs2.5 in Carbon Levy (CL)—will be imposed on FO. The move is aimed at discouraging fossil fuel use and generating revenue for green energy initiatives, with the government expecting to collect Rs75 billion in the upcoming fiscal year. Analysts predict the…
Read MoreFurnace Oil Levies to Slash Local Demand, Boost Exports: Analysts
