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Govt facing Rs18b petroleum levy shortfall.

ISLAMABAD -- Financially-strapped federal government is facing a fresh Rs 18 billion shortfall in petroleum levy, as only Rs 52 billion against the projected Rs 70 billion have been achieved, sources said on Sunday.

According to sources, the government had set a target of Rs 120 billion petrol levy for the financial year 2013-2014, which it failed to achieve; as it managed to raise only Rs 52 billion within seven months instead of targeted Rs 70 billion for the 7-month period.

Sources have said that government could face more serious backlash due to rapidly declining value of rupee; and if the trend of this continuous shortfall remained, the government could very well face Rs 12 billion shortfall during the last month of 2013-2014.

This shortfall could very well jeopardize, compromise the projected TAPI (Turkmenistan-Afghanistan-Pakistan-India) gas project.

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Publication:Frontier Post (Peshawar, Pakistan)
Date:Jan 6, 2014
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