The federal government has collected a staggering Rs. 808 billion through the petroleum levy during the first nine months of 2024. The collection is expected to surpass Rs. 1 trillion by the end of the year, with data from the October-December period yet to be finalized.

Breaking down the numbers, the government collected Rs. 246.82 billion during the January-March quarter, Rs. 299.63 billion in April-June, and Rs. 261.67 billion in July-September. The total collection so far brings the government closer to its annual target of Rs. 1.28 trillion for the current fiscal year (FY25).

In the previous fiscal year, the government exceeded its petroleum levy target of Rs. 869 billion, collecting Rs. 960 billion. This year’s target reflects a significant increase as the government continues to rely on the levy as a key revenue source.

The petroleum levy, which was raised to a maximum limit of Rs. 70 per liter through the finance bill, is currently being charged at Rs. 60 per liter on both petrol and high-speed diesel. The levy has become a critical tool for the government to generate revenue amidst ongoing economic challenges.

With the final quarter’s data yet to be compiled, the government is on track to achieve record-breaking collections, further underscoring the importance of the petroleum levy in meeting fiscal targets.