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.
