FPCCI president Mian Muhammad Adrees has emphasized on transfer of the benefit of reduction in oil prices globally to the general public and consumers. He stated that in Pakistan, it has been the practice that the government focuses on increasing the GST on POL products to maintain its revenue collection while the general public and consumer deprived of this benefit.

The President FPCCI further stated that FPCCI has been continuously urging the government for broadening tax net and avoid increase in indirect taxes in general and on oil products in particular. He further said that in the international market the prices of petroleum products has been reduced and the government should transfer the benefit of reduction of price on POL products to the general public which will lead to decline in inflation rate and ultimately transform into improving their purchasing power. He said this process will also lead to boost the industrial production and competitiveness. He said this step may also reduce the cost of energy which will helpful to the government to control over the present energy crises in the country.

Mian Adrees further stated that the declining trend of oil prices will not only cover POL products but also cover more than 100 byproducts which are used by general public. The plastic goods, rayon, Synthetics, fiber, nylon, Vaseline, glycerin, PTA, PSF and many pharmaceutical products are included in oil’s byproducts. He said that by declining oil prices, the cost of these products will also reduced. Mian Adrees urged the government to transfer the entire benefit of reduction of oil prices to the general public and consumer which will positively affect the whole economy.

APP adds from Lahore: The Lahore Chamber of Commerce & Industry (LCCI) Saturday called for further revision in the POL prices, as per international market to ensure relief, for trade, industry, agriculture and other sectors.

In a meeting with business delegation here, LCCI Senior Vice President Mian Nauman Kabir said due to lower price of crude oil, the government should pass its full benefit to all sectors of economy. He demanded to reduce petroleum price by at least Rs 15 per liter. Nauman Kabir also called for revising taxes on fuels to give boost to country’s economy, citing that high input cost would render Pakistani products uncompetitive in world market.

The inexpensive fuels would also promote agriculture sector as hi-speed diesel is being used in tractors, tube-wells, harvesters, thrashers and other agri machinery, he maintained. The SVP also urged the goverment for expediting the cost-effective energy generation so as to ensure provision of electricity to the consumer at lowest tariff.