Published On: Sat, Jun 1st, 2019
Published in Category: Islamabad

ICCI rejects proposed hike in POL prices

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Islamabad: The Islamabad Chamber of Commerce and Industry said that government had increased the prices of petrol and diesel by Rs.6 per litre from 1st April 2019 and now the OGRA has again proposed to hike the price of petrol by Rs.8.53 per liter and diesel by Rs.8.99 per liter that was against the interests of business and economy, therefore, it called upon the government to turn down this proposal in order to save the businesses and people from further troubles.

Ahmed Hassan Moughal President, RafatFaridSenior Vice President and Iftikhar Anwar Sethi Vice President, Islamabad Chamber of Commerce & Industry said that the price of crude oil in international market has come down from $72/barrel to around $67/barrel and instead of recommending reduction in POL prices, OGRA has proposed further hike, which was not justified. They said that the people were already suffering from high inflation and proposed hike would bring a new wave of inflation that could be unbearable for the common man.

Ahmed Hassan Moughal, President said that government was charging 12 percent GST on petrol and 17 percent GST on POL products. He said government has also jacked up the petroleum levy from Rs.8 to Rs.18 per litre on HSD and Rs. 10 to Rs.14 per litre on petrol due to which the consumers were paying high pricesfor POL products. He said the cost of doing business in Pakistan was already quite high and proposed hike in POL prices would make the survival of businesses unviable causing further slump in economic activities. He urged that government should reduce high taxes and charges on POL products and reject the proposed hike in their prices in order to save the businesses and the general public from further problems.


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