Business community lauds reduction in POL prices

ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) President Muhammad Ahmed Waheed has welcomed the government’s decision to reduce the prices of petrol, light diesel oil and kerosene oil by over Rs7, Rs9 and Rs11 per litre, respectively, for the month of May.

However, he urged the government to also slash taxes imposed on petroleum products instead of making them a source of revenue generation, particularly in the prevalent crisis-like situation.

“We appreciate the reduction in POL prices but the decision to increase taxes on these products is depriving the masses of availing the real benefits of the global decline in oil prices,” he said in a statement issued on Monday.

Waheed informed that the business community and people have suffered badly due to Covid-19, and under such circumstances, the government must reduce the taxes on POL products so that the cost of doing business, as well as the overall inflation, could be lowered.

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He lamented that the government did not reduce the price of diesel, which is mostly used in transportation, industrial and agricultural sectors. He also termed no relief in the price of high-octane petrol, which is being sold at about Rs147 per litre, as unjustified.

“As most of the electricity in Pakistan is generated from oil-fired power plants, it is necessary that the government immediately announces a cut in the price of electricity, as it would help alleviate the hardships of the business community, revive industrial and commercial activities, and boost exports.”

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