Rs 10b Relief To Public On Account Of POL Hailed

LAHORE, (UrduPoint / Pakistan Point News - 15th Jul, 2018 ) :Pakistan Industrial and Traders Associations Front (PIAF) on Sunday appreciated the interim government for reducing prices of petroleum products by lowering general sales tax on the directives of the Supreme Court of Pakistan.

PIAF Chairman Irfan Iqbal Sheikh, Senior Vice Chairman Tanvir A Sufi and Vice Chairman Shahzeb Akram said in a media statement here that relief in petroleum prices would not only provide much-needed respite to masses but also reduce the cost of production and give a boost to economic activity.

The PIAF office-bearers said Pakistan was generating a major share of electricity through furnace oil and increase in POL prices made the cost of manufacturing activities unviable for the private sector.

While, increase in diesel price had raised transportation cost and created additional problems for the agriculture sector as most of the agri tube-wells operated on diesel.

The PIAF stressed further cut in GST as the government had reduced the GST from 17 per cent to 12 per cent on motor spirit and kerosene oil and from 31 per cent to 24 per cent on high-speed diesel, which was still high.