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Wednesday 24 July, 2024
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Budget 2023–2024: Govt Proposes PKR 53.6 Billion Subsidy for Petroleum Sector

BY Shahzad Saeed Jun 08, 2023. 09:50 pm UPDATED: Jun 08, 2023. 09:50 pm

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The federal government has suggested a subsidy of Rs. 53.6 billion for the petroleum sector in the upcoming fiscal year.

For the purpose of supplying domestic consumers with RLNG (regulated liquefied natural gas), the government has proposed a subsidy of Rs. 30 billion.

The government has proposed an amount of Rs. 5 billion for Pak-Arab Pipeline Company Limited (PAPCO) out of the total subsidy for various sectors. The government has proposed Rs. 11 billion for Pakistan State Oil (PSO) to help manage price differential claims of the state-owned company.

The Naya Pakistan Housing Scheme will also receive Rs. 500 million from the government in the upcoming fiscal year.

The government has reportedly suggested spending Rs. 2 billion on the Islamabad Metro Bus Service. For the upcoming fiscal year, a subsidy for the Mera Pakistan Mera Ghar (MPMG) program in the amount of Rs. 12.2 billion has been set aside. On the other hand, the government has suggested providing a 7 billion rupee subsidy to those who were harmed by last year’s devastating flash floods.

A subsidy of Rs. 55.5 billion has been proposed for food security, and Rs. 30 billion will be used to offer necessities at discounted prices at Utility Stores during the upcoming fiscal year.

In the fiscal year 2023–2024, Gilgit–Baltistan has been proposed to receive a wheat subsidy of Rs. 10.5 billion.

The government has suggested providing a subsidy of Rs. 5 billion during Ramadan. It has also recommended giving Pakistan Agricultural Storage & Services Corporation Limited (PASCO) a subsidy of Rs. 10 billion to aid in managing the supply of wheat in the upcoming fiscal year.

Read more: Automobile Industry Return to Zero After Experiencing Phenomenal Growth: Economic Survey

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