President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Mian Muhammad Adrees has 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.
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.