Business community rejects huge hike in petrol price.

KARACHI -- FPCCI's Businessmen Panel on Saturday rejected the new hike in 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 the government was in haste and issued a new notification on POL prices before closing the month even. He said on 1st of June, the government reduced the petroleum prices, but we witnessed oil marketing companies have created an artificial petrol shortfall in the country as a result, the public was largely deprived of the benefit and then with the gap of just 25 days, a sudden increase will spark a new wave of inflation.

The recent surprising hike will also increase the cost of production in industry and agriculture sector as well as affects the common man in the ongoing pandemic. 'It is not good news for Pakistan because 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 the non-development expenditure of the state instead of imposing new taxes on POL prices and yesterday a new petroleum levy is a novel example in this regard which was clearly seen that government is covering the tax shortfalls before closing the fiscal year.

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