Pakistan Industrial and Traders Associations Front (PIAF) has demanded of the government to fix oil prices on fortnightly basis with a view to pass on quick relief to the public as well as trade and industry. The PIAF acting chairman Tanveer Ahmed Sufi and vice chairman Khawaja Shahzeb Akram in a statement on Friday said presently the oil prices are registering continuous decline but the federal government did not pass on relief for the last two months.
Earlier it used to fix the oil prices on monthly basis that should be determine on fortnightly basis so that the public and the industry could be benefited of the decreasing oil prices. The benefit of historic oil price fall in the international market is not fully passed on to the general public.
They emphasised on passing on the benefit of reduction in oil prices globally to the general public including trade and industry people and consumers. In Pakistan, it has been the practice that the government focuses on increasing the general sale tax on petroleum products to maintain its revenue collection while the general public and consumer are deprived of this benefit. They urged the government for providing level playing field to traders and industry so as enable them to play their due role in the national economy.
The oil prices in the international market have been declined below $28 per barrel. As a result, the government has saved around Rs 290 billion during last six months on import of petroleum products. The crude oil and other petroleum products worth US $4.17 billion were imported in July-December period of the last year. The price of light crude oil was decreased by US $25 per barrel that is the lowest during last 13 years. They asked for immediate relief to the people and industry on account of oil price reduction.
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