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    Monday, 2 July 2018

    POL prices rise again – Detrimental to Industry,agriculture , say businessmen


    MULTAN, July Ist: The business community has reacted strongly to the sharp escalation in the prices of petroleum products of Rs 4.27 to Rs 5.97 per litre and has called upon the federal government to reconsider its decision, given the serious consequences it holds for both industry and trade Business leaders from Multan have said that the huge increase in the prices of petrol and diesel would greatly augment inflation and have a knock-on effect on the cost of all economic activity. Inflation is currently hovering around 16 percent.,President of Multan Chamber of Commerce & Industry (MCCI)  Malik Asrar Ahmed Awan, Senior Vice President Begum Romana Tanvir Sheikh, Vice President Khawaja Muhammad Farooq ,former MCCI Presidents Khawaja Jalaluddin Roomi,Mian Iqbal Hassan,Fareed Mughis Sheikh. Khawaja Muhammad Usman, Khawaja Muhammad Yousaf, Mian Anis A Sheikh have said that the huge increase in the prices of petrol and diesel would greatly augment inflation and have a knock-on effect on the cost of all economic activity. Inflation is currently hovering around 16 percent.They said that Government should provide relief to consumers by cutting the taxes on petroleum products and introducing per litre tax instead of ad-valorem tax. Making the lame excuse of tight fiscal position, the caretakers has passed on the full impact of the increase to the consumers,” Now Petrol is available at Rs.100/litre, High Speed diesel price has increased from the current Rs 105.31 per litre to Rs119.31 per litre. Similarly, the government has also increased the price of kerosene oil by Rs3.36 per litre. Kerosene oil increased from Rs84.34 per litre to Rs87.7 per litre. For light diesel oil (LDO), the government has increased its price by Rs5.92 per litre from existing Rs74.99 to Rs80.91 per litre. They said that there was no truth in Govt's claim that increase in the petroleum prices is caused due to increase in petroleum prices in international market and depreciation of rupee against dollar. The financial impact of the above dispensation will be implemented through revision of Sales Tax Rates and Petroleum Development Levy.It is the second consecutive month the caretaker government has increased the prices of petroleum products. The caretaker government had already increased the oil prices up to Rs6.55 per litre for the previous month.They said that transport fare has increased by 30 percent while freight has increase 30 to 40 percent. Prices of daily use items had gone high sky.


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    Item Reviewed: POL prices rise again – Detrimental to Industry,agriculture , say businessmen Rating: 5 Reviewed By: Asqamar