LAHORE: The Pakistan Industrial & Traders Associations Front (PIAF) has asked the government to adjust and announce oil prices fortnightly to give the masses quick relief of reduction in oil prices in the international market.
PIAF Acting Chairman Tanveer Sufi said that presently the oil prices are registering continuous decline but federal government is transferring this relief after one month. In this way the industry will be facilitated more as the announcement of oil rates fortnightly will pass on benefit of oil prices cut to it after 15 days. In this way the manufacturers can save billions of rupees.
Tanveer Sufi said the benefit of historic oil price fall in the international market is not fully passed on to the general public. He emphasized on transfer of the benefit of reduction in oil prices globally to the general public including trade and industry people and consumers. He stated that in Pakistan, it has been the practice that the government focuses on increasing the GST on POL products to maintain its revenue collection while the general public and consumer deprived of this benefit.
He urged the government for giving level playing field for traders and industry to compete and play their due role in the national economy. He further said that in the international market the prices of petroleum products have been reduced to $28 per barrel and the government should transfer the benefit of reduction of price on POL products to the general public which will lead to decline in inflation rate.
PIAF Vice Chairman Kh Shahzeb Akram said that the government saved around Rs290 billion in the last six months on import of petroleum products. He said that crude oil and other petroleum products worth $4.17 billion were imported in July-December period of the last year. He said that the price of Arab light crude oil was decreased by $25 per barrel, to its lowest in 13 years.
