ISLAMABAD
\nThe All Pakistan Business Forum (APBF) has called for passing on the full relief of cut in petroleum products in the international market to the local consumers for the second fortnight of October, instead of taking any kind of adjustment in taxes, as the inflation is going up due to continuous jump in oil prices.
\nAPBF President Syed Maaz Mahmood, in a statement issued here today, asked the government to bring down price of petrol by almost Rs35 per litre in line with fluctuations in global oil prices and appreciation of the rupee against the US dollar, effective from Oct 16, 2023.
\nHe said that instead of hiking the power tariffs, the government should focus on controlling the transmission and distribution losses and power theft besides improving the performance of power companies to save the consumers from further burden.
\nAPBF president was of the view that the government could mobilize the required resources through increasing the number of taxpayers, reducing line losses and power theft, and ending exemptions to narrow the fiscal deficit instead of increasing the power tariff.
\nHe said the last increase in power tariff left the industrial sector, particularly the export industry like textile, uncompetitive in comparison to regional competitors. This may lead to the loss of more export orders and render many more people jobless.
\nDespite the tariff surge, he said, power companies would not be able to recover the targeted revenue loss of around 28-30%. At the same time, it will force many consumers to stop paying their bills, which have become unbearable. He asked the government to undertake fundamental reforms in the power sector to make electricity affordable. Besides, the government should launch a crackdown on the habitual power bill defaulters like putting them behind bars.
\nAt present, the government is charging Rs50 per litre as petroleum levy on HSD with room for a further increase of Rs10. However, the levy on petrol is already at the maximum level of Rs60 per litre. He said that the prices of petroleum products on the Platts index have dropped drastically and also the rupee has strengthened versus the dollar. Average gains for the rupee are calculated at Rs7.50 for the past 13 days.
\nHe said that petrol is mainly used in motorbikes and cars and is an alternative to compressed natural gas (CNG), especially in Punjab, where locally produced gas is not available at CNG filling stations. He said that liquefied natural gas was being used in CNG retail outlets but that has also gone scarce for the past couple of years as Pakistan Petroleum Limited (PLL) could not strike import contracts.
\nMaaz Mahmood said that the private sector has been struggling to import LNG since 2015 but all their efforts have come to nothing because the public gas utilities want to maintain their monopoly over gas supplies.
\nLike petrol, the price of high-speed diesel (HSD) should also go down by Rs15.91 to Rs302.18 per litre for the next fortnight. HSD is primarily used in agriculture and transport sectors and any reduction in its price may have a positive impact on inflation.
\nKerosene oil is used for cooking purpose in remote areas like northern parts of the country. Pakistan Army is a major consumer of kerosene oil.
\nThe price of light diesel oil, which is used in industrial units, is likely to fall by Rs18.29 to Rs194.16 per litre compared to the existing price of Rs212.45.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD The All Pakistan Business Forum (APBF) has called for passing on the full relief of cut in petroleum products in the international market to the local consumers for the second fortnight of October, instead of taking any kind of adjustment in taxes, as the inflation is going up due to continuous jump in oil […]<\/p>\n","protected":false},"author":2,"featured_media":361756,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-361733","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n