The federal government has decided to increase the petroleum development levy from Rs.50 to Rs.60 per liter
Speaking in the National Assembly session, Federal Finance Minister Ishaq Dar said that the limit of petroleum levy will not be increased from 60 rupees per liter
Oil companies will use Pakistani Ports to purchase crude oil and petroleum products
The benefit of a reduction in global petroleum prices will be passed on to the public.
On the other hand, crude oil prices have fallen by 4% in the global market.
The British Brent contract, according to a Reuters report, dropped 3.9% to 74.14 dollars per barrel yesterday.
Petroleum prices may drop further in the future, according to US West Texas Intermediate (WTI) futures, which dropped 4.2 percent to $69.51 per barrel.
It should be noted that the first shipment of cheap oil from Russia has arrived in Pakistan. The price of petroleum products in Pakistan could significantly drop in the future if the oil imports from Russia continue.
