KARACHI: The business community has urged the government to review the existing system of taxes and levies on petroleum products, as well as its policy for determining fuel prices daily.
According to businessmen, they face problems accurately determining production costs and product prices, which is severely affecting their business planning.
Korangi Association of Trade and Industry (KATI) President Muhammad Ikram Rajput said the daily price hike was creating significant difficulties for the industry and adding to economic uncertainty rather than promoting stability. He said petrol and diesel prices had increased by approximately Rs22 and Rs14 over the past three days, placing an additional burden on inflation-hit consumers.
The government data showed that taxes, duties and levies accounted for approximately 37 per cent of the price of petrol and 31pc of the price of diesel. Instead of directly passing on the impact of fluctuations in international petroleum prices to the consumers and the industry, the government should also review the existing system of taxes and levies, he added.
Mr Rajput said any decline in international prices should also be passed on to the consumers immediately. “It is not acceptable for increases to be passed on immediately while reductions are delayed,” he said.
