Home / Chambers of Commerce / Attock Chamber rejects Pakistan Oilfields Limited price hike upward price revision proves incompetence of authorities

Attock Chamber rejects Pakistan Oilfields Limited price hike upward price revision proves incompetence of authorities

Attock: The Attock Chamber of Commerce and Industry (ACCI) on Sunday rejected upward revision in the prices of petroleum products terming it failure of the government.

The decision will open floodgates of inflation making life miserable for majority who are already living below poverty line, said Tariq Mehmood, President ACCI.

Speaking at a hurriedly called meeting, he said that government has been extracting too much from the pockets of masses on one pretext or other which proves that all other initiatives to boost collections have backfired.

Government is yet to tax rich enjoying unjust exemptions while avoiding their responsibility to pay for the equitable resource distribution and national development.

Tariq Mehmood who is also Chairman of FPCCI Standing Committees on Health and Law and Order said that Pakistan consumes 4.5 lakh of petroleum products per day while government was earning around Rs 1.36 billion per day in shape of controversial Petroleum Levy and GST.

After the recent revision, the government will make masses to pay extra Rs 820 million per day for petrol and diesel etc while those consuming CNG will pay an extra amount of Rs 1 billion, he informed.

The consumers who were already paying Rs 1.36 billion in taxes will now have to bear an additional burden of Rs 1,820,000,000 to ensure luxury for ruling elite, said Tariq.

He informed that until March 31st ex-refinery price of petrol, diesel and kerosene were Rs 66.98, Rs 79.54 and Rs 64.79. Levy on these products at the rate of Rs 10, Rs 4.07 and Rs 4.82 and imposition of 16 per cent GST on the taxed fuel would help government earn Rs 23.47 on every litre of petrol, Rs 18.34 on diesel and Rs 15.12 on Kerosene oil.

This arrangement helped government generate revenues but reduced buying power of masses by 65 per cent, he said.

He asked the chief justice to take note of the situation and overturn the controversial decision which is against the national interests.

Tariq said that petroleum levy which was imposed through an ordinance and not an act of Parliament is not legal.

Removal of the levy will help reduce price of petrol by Rs 15 while the price of diesel will come down by Rs 9.

For more information, contact:
Malik Sohail Hussain
Chairman FPCCI Standing
Committee on Media and PR
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
Tel: +9251 2251 891-3
Fax: +9251 2251 894
Cell: +92333 5155300; +92321 5155500
Email: malick.sohail@yahoo.com

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