PIAF lauds government’s decision to cut oil prices

Pakistan Industrial and Traders Associations Front (PIAF) has lauded government’s decision to cut oil prices on the directive of the Supreme Court (SC). The reduction is aimed at giving relief to the people.

Previously, the caretaker government received much criticism from local commuters and other stakeholders after hiking the prices of petroleum products for two consecutive times in June and July. However, after SC took suo moto action, the government lowered the general sales tax on oil products, which resulted in the reduction of oil prices.

In a joint press statement, Chairman Irfan Iqbal Sheikh along with other officials of PIAF applauded the decision and said that this would not only give relief to the masses but, will also strengthen the overall economy of the country.

Read Also: Government reduces petrol price by PKR 4.26

The government increases the prices of petroleum products whenever their prices globally decrease, resulting in more taxes on the people and making their life miserable, the Chairman asserted. Through the reduced taxes, the people got relief of PKR 10 billion, which is indeed good, he further added.

The chairman also said that the government should cut more taxes on petrol and give more relief to the people.

An industry analyst, while talking to the media, asserted that with the increase in oil prices, the rates of local commodities and transportation fares also increase, which is in no way good for the economy and the people, so the relief is not much, but it is welcomed

It is important to note here that, the sales tax on motor spirit and kerosene oil would be reduced from 17 to 12 percent. Additionally, sales tax on high-speed diesel would also be reduced from 31% to 24%.

Current oil prices are as follow:

Drop your thoughts in the comments section below.