The International Monetary Fund (IMF) and Pakistan have come to an agreement on the Letter of Intent (LoI). The IMF has been given assurance of a gradual increase in the petroleum levy to Rs. 50 per liter on petroleum products by January 2023.
The total levy on petrol from September will reach Rs. 30 per litre, while that on diesel will be Rs. 15 per Litre. The petroleum levy on petroleum products in the coming months will be increased by Rs. 5 per lietre. It will eventually increase to Rs. 50 per litre in January 2023.
The petroleum levy on petrol and diesel in India has been increased from Rs. 20 per litre to Rs. 30 a litre, the finance ministry has said.