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PBIF expresses concern over proposed hike in power, petrol prices

PBIF expresses concern over proposed hike in power, petrol prices

President Pakistan Businessmen and Intellectuals Forum (PBIF) and former provincial minister Mian Zahid Hussain expressed serious concern over proposed hike in the prices of petroleum prices and electricity tariff. Upward revision in the prices of petroleum products and electricity would be unbearable for masses and business community which will pose serious challenge to GDP growth, he said.
Taking to the business community, he said that business are unable to brave hike in power and petroleum prices after recent GIDC hike therefore government should reconsider the decision.
Government should shelve the decision and reduce taxes on the petroleum products to reduce poverty and balance the loss by hiking taxes on the luxuries so that government can gain extra mileage which was evident from the outcome of Multan elections, he said.
The veteran business leader said that government rely of tax on petroleum products because tax culture could not take roots in Pakistan due to host of reasons.
He informed that import price of petrol is Rs 44.32 while the retail price is 74.50 in which margin of oil marketing company, dealers, freight equalisation margin, sales tax, import duty and petroleum levy are added.
Similarly import price of HOBC is Rs 54.23 while retail price stands at Rs 81.00, kerosene 44.76 and Rs 62.00, diesel Rs 44.55 and Rs 84.00 and import price of light speed diesel is Rs44.04 which is sold at Rs 58.50.
He said that diesel is costly because 27 percent is imposed on it while other fuels attract 17 percent sales tax.Government must improve tax administration and slap taxes on all incomes including farming profits to benefit 200 million people and break the begging bowl.

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