Govt Proposes Rs. 53.6 Billion Subsidy for Petroleum Sector in Budget 2023-24

The federal government has proposed a subsidy of Rs. 53.6 billion for the petroleum sector in the next fiscal year, according to the budget document seen by ProPakistani. The government has suggested a subsidy of Rs. 30 billion for supplying Regasified Liquefied Natural Gas (RLNG) to domestic consumers. Out of the total subsidy for various sectors, for Pak-Arab Pipeline Company Limited (PAPCO), the government has proposed an amount of Rs. 5 billion. For Pakistan State Oil (PSO), the government has proposed Rs. 11 billion to help manage price differential claims of the state-owned company. The government has also allocated Rs. 500 million for Naya Pakistan Housing Scheme in the next fiscal year. According to the document, the government has proposed an amount of Rs. 2 billion for the Islamabad Metro Bus Service. A subsidy of Rs. 12.2 billion for the Mera Pakistan Mera Ghar (MPMG) scheme has been earmarked for consideration in the next fiscal year. On the other hand, the government has proposed a subsidy of Rs. 7 billion for victims of last year’s devastating flash floods. A subsidy of Rs. 55.5 billion has been suggested for food security, whereas an amount of Rs. 30 billion for providing essential items at cheap rates at Utility Stores during the next fiscal year. An amount of Rs. 10.5 billion has been proposed as a wheat subsidy to Gilgit-Baltistan in the fiscal year 2023-24. For Ramazan, the government has proposed to offer a subsidy of Rs. 5 billion. It has further suggested a subsidy of Rs. 10 billion for Pakistan Agricultural Storage & Services Corporation Limited (PASCO) to help manage the wheat supply in the new fiscal year.