ISLAMABAD: The Pakistan Economy Watch (PEW) has said prices of petroleum products in the country are far more than the international market which is hurting masses and every segment of the economy.
Petroleum prices can be reduced if FBR starts taxing nobility which will automatically reduce pressure on the poor masses, it said. The government has no other option but to heavily tax the petroleum imports, which is chocking the economic growth, said PEW President Dr Murtaza Mughal. He said that all the important petroleum products are attracting double digit taxation which has penalised the masses. Situation can take a positive turn if corruption is reduced in the tax administration, he added.
Last year, the consumers of diesel paid Rs29.57 as GST on every litre while they paid Rs6 on every litre in form of petroleum levy which had a very negative impact on economy as diesel is the most popular fuel. Consumers paid Rs15.22 on every litre of petrol as GST, Rs13.18 on every litre of kerosene oil and Rs12.21 on every litre of light diesel which help the government to earn billions of rupees.
