ISLAMABAD Cash-starved coalition government is set to fetch high ceiling revenues of Rs182.9 billion from the inflation hit masses in the name of Petroleum Levy (PL) on petroleum products, Gas Development Surcharge (GDS) and royalty on oil and gas in the upcoming financial year. The government has fixed Rs 182.9 billion, under the heads of Petroleum Levy (PL) on petroleum products, Gas Development Surcharge (GDS) and royalty on oil and gas, in the Annual Budget 2011-2012. The government is likely to introduce various measures in the name of economic reforms, which would add to miseries to the common people of Pakistan. The government has almost set revenue collection target of Rs182.9 billion from the already hard-pressed economy of the people on account of Petroleum Levy (PL) on petroleum products, Gas Development Surcharge (GDS) and royalty on oil and gas in the budget of the next financial year 2011-2012, sources said adding, Ministry of Petroleum and Natural Resources and Ministry of Finance are at loggerheads on account of PL collection in next financial year from the inflation-hit masses. Ministry of Petroleum had projected collection of Rs 104 billion on account of PL collection in next financial year but Ministry of Finance was projecting target of Rs 110 billion, sources added. It is pertinent to mention that government had also set the target of Rs 110 billion PL collections on petroleum products during the ongoing financial year 2010-11 and may set same revenue target of Rs 110 billion on account of Petroleum Levy (PL) on petroleum products in next budget of Financial Year 2011-12. But due to dramatic rise in global oil prices, government had to cut rate of PL on petroleum products to provide relief to the consumers as it has collected Rs 60 billion PL on petroleum products so far. Further, the government has projected collections worth Rs72.9 billion on account of GDS and royalty on oil and gas in the budget of the next financial year 2011-2012 as opposed to last years projected receipts of Rs77.49 billion, which is a considerable decrease in one year, sources said. Government has collected Rs 60 billion PL on petroleum products so far that is lower than projection due to reduced rate of PL, sources said adding that government had given Rs 45 billion subsidy to the consumers to absorb the impact of global oil prices during recent months. Despite increase in oil prices during recent months, government is giving Rs 9 billion per month subsidy to the consumers. It is testimony of the fact that the government had fixed rate of PL on petrol at Rs 10 per litre, HOBC Rs 14 per litre, kerosene oil Rs 6 per litre and Rs 3 per litre Light Diesel Oil (LDO) in budget of ongoing financial year 2010-11.The rate of PL on petrol has been reduced to Rs 3.16 per litre and HOBC Rs 6.13 per litre. The collection of PL on kerosene oil and LDO is zero. In December 2010, as global oil prices increased, the government kept oil prices unchanged by adjusting PL downward, resulting in a revenue loss of Rs 2 billion. In January, the oil prices were raised but, after a week, the government withdrew its decision due to political pressure resulting in a revenue loss of Rs 5 billion. The government collected Rs 107 billion revenue on account of PL and general sales tax (GST) on petroleum products during first half (July-December) of financial year 2010-11. According to details, the government collected Rs 47 billion PL and Rs 60 billion GST on petroleum products. The annual budgetary target for collection under this head is Rs 250 billion that includes PL and general sales tax in the domestic market and at import stage. Sources privy to the development further informed that the government has estimated collections worth Rs 15.2 billion through royalty on crude oil, Rs24.9 billion GDS on gas and Rs32.8 billion royalty on natural gas in upcoming financial year budget. During the current financial year 2010-11, royalty on crude oil was projected at Rs15.5 billion, GDS on gas Rs29.99 billion and royalty on natural gas was estimated at Rs32 billion. Reportedly officials have said that the government might not be able to achieve this diminishing target due to the unstable law and order situation in the country, which is also hampering exploration activities in the countries. It is worth mentioning here that the global oil prices continue increasing due to unrest in Middle East and rising demand of fuel in Japan after earthquake. Around 3 percent hike in domestic oil prices has been witnessed during May 1 to 12 in line with hike in global oil prices. Sources maintained that government would have to increase the rate of PL to achieve the set target of PL collection for next financial year that had been reduced now in a bid to keep oil prices low in Pakistan.