Observer Report
Karachi/Lahore
Businessmen Panel of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday rejected the recent hike in prices of petroleum products all of sudden, despite Brent Crude stands at $ 40.50 per barrel internationally.
BMP’s Secretary General (Federal), Ahmad Jawad said that it was matter of concern that why the government was in haste and issued a new notification of increase in prices of POL products even before closure of the ongoing month.
He said that the government reduced the prices of petroleum products on June 01, but we witnessed oil marketing companies have created a artificial shortfall in the country and in result public largely deprived from the benefit and then with the gap of just 25 days a sudden increase will spark a new wave of inflation. The recent surprised hike will also increase the cost of production in industry and agriculture sector besides affecting the life of common man too in the ongoing pandemic, he added. The SG BMP said, “It is not good news for Pakistan whenever oil goes up our economy suffers.”
He said, though oil prices in the international market have gone up little but why is the government not bringing down the number and ratio of duties and taxes imposed on petroleum products besides reducing non-development expenditure of the state instead of imposing new taxes on POL prices and a new petroleum levy was a novel example in this regard which was clearly seen that government is covering the tax shortfalls before closing the fiscal year.
However, the recent hike definitely helps the IPP’s because when local POL prices went down their cost mechanism disturbed that’s why country witnessed un-announced load shedding especially in Sindh and Balochistan provinces, he added.
Parliamentary leader Pakistan Peoples Party (PPP) Punjab, Syed Hassan Murtaza has said that Niazi has taken another U-turn and increased the prices of petroleum products.
Reacting to the decision to increase the prices of petroleum products, the PPP leader said on Saturday that right now petroleum prices in the world are the cheapest, and people have run after petrol here, by increasing the prices, the people have been stabbed in the back. The salary has not been increased in the budget and no relief has been given to any worker. If the salary has been increased, then the Prime Minister and the President’s salaries have been increased.
Hassan Murtaza said that Imran Niazi has benefited his financial facilitators, he has banished looters and his financial facilitators from the country, it is not a people’s but selected government and has came on a special agenda, the government dropped petrol bombs again, and people standing in long lines on petrol pumps again, he added.
