Business Community rejected new POL prices despite Brent at $40.50 per barrel.
Karachi -- : FPCCI's Businessmen Panel on Saturday rejected the new hike of petroleum prices all of sudden, despite Brent stood at $ 40.50 per barrel internationally. BMP Secretary General (Federal), Ahmad Jawad said I don't understand why government was in haste and issued a new notification on POL prices before closing the month even. He said on 1st of June Government reduced the petroleum prices 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 as well as affects the common man too in the on going pandemic. 'It is not good news for Pakistan whenever oil goes up our economy suffers'. he added.
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...
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