Contrary to the estimates by the IMF the Federal Board of Revenue estimates the shortfall to be around Rs 50 billion. Although sales tax has not yet been imposed on petroleum products, the development levy has been jacked up to somewhat make up for it. An interesting thing to note however is that despite PDL having increased by the government, the price of all petroleum products witnessed a net decline. This briefing was held on the same day when the announcement regarding the revision of prices of petroleum products came out. Time will tell whether or not the government is able to meet its expected revenue targets and ease the concerns of the IMF.

Source: Pakistan Today December 21, 2022 20:53 UTC