Government plans to increase levy on petrol from Rs 70 to Rs 100 per litre

The federal government has prepared a plan for the recovery of the economy, proposed to increase the petroleum levy on petroleum products and gas from 70 to 100 rupees per liter.

According to the proposed plan presented in the meeting of the National Security Committee on Monday, the current account deficit will be met through rationing of petrol, electricity and gas.

A mini-budget will be approved by the National Assembly for the implementation of the project. As soon as the mini-budget is approved, all obstacles to the restoration of the IMF program will be removed.

According to the federal government’s 10-year comprehensive economic recovery plan, targeted subsidies will be given only to the low-income group.

Petroleum levy on petroleum products and gas is proposed to be Rs 70 to 100 per litre, additional tax on shopkeepers and traders.

The funds transferred to the provinces will be linked to line losses in the gas and electricity sector.

The plan also proposes a market-based devaluation of the dollar against the rupee, privatization of state-owned enterprises, restructuring of local and foreign debt.

This plan for the improvement of the country’s economy will be shared with friendly countries and asked for structured support, these countries include China, UAE, Saudi Arabia, Qatar, European Union and America.

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