Federal Secretary Finance Wajid Ali Rana here on Thursday hinted further reduction in petroleum products prices next fortnight, saying that the declining trend in crude oil rates in international market should be passed on to the consumers.
Secretary Finance, replying on recommendation on abolishing the petroleum levy on POL products, informed the Senate Standing Committee on Finance that there is an impression that POL products are heavily taxed in Pakistan and on the other hand, the situation is entirely different.
Supporting his argument, Secretary Finance presented global comparison of taxes on POL products and informed the members that on petrol rate of taxes in France is 65%, Germany 65%, United Kingdom 67%, Italy 60%, Spain 53%, Japan 51%, Bangladesh 40%, India 52% and in Pakistan this ratio is just 22%.