KARACHI: Federation of Pakistan Chambers of Commerce & Industry (FPCCI) President Mian Muhammad Adrees has urged the government to reduce petroleum prices in the country after the record cut in international market.
While talking to the media, he said that the government must transfer the benefit of reduction in oil prices globally to the general public and consumers. He stated that in Pakistan, the government focuses on increasing the GST on POL products to maintain its revenue collection, while the general public and consumers are deprived of benefit in reduction of prices in the international market.
Adrees further stated that FPCCI has been continuously urging the government to broaden the tax net and avoid increase in indirect taxes in general and on oil products in particular. He further said that in the international market the prices of petroleum products have been reduced and the government should transfer its benefit to the general public, which will lead to a decline in inflation and improve purchasing power.
The FPCCI president said this will also lead to a boost in the industrial production and competitiveness and may also reduce the cost of energy, which will help the government control the energy crises. Adrees said the declining oil prices will not only cover POL products, but also more than 100 byproducts which are used by the general public.
