Pakistan Business Forum Demands Rs60 Per Liter Reduction in Petroleum Levy, Citing Unbearable Economic Pressures
ISLAMABAD: The Pakistan Business Forum (PBF) has strongly criticized the prevailing price of petroleum products, saying that it was utterly unsustainable for people and business community and has formally requested the Prime Minister to reduce the petroleum levy by Rs60 per litre.
The forum made it clear that the weight of economic adjustment can not be entirely on the public and commercial sector, and called for a shift of economic team’s rhetoric from strict revenue-collection targets on citizens to citizen relief.
The cumulative effect of significant changes in wages over eight months.Significant changes in wages over 8 months here.
In a formal statement, PBF chief organiser Ahmad Jawad noted that in the last eight months alone, the prices of high-speed diesel (HSD) and petrol have increased by Rs135 and Rs114 per litre respectively.
Jawad said that continual inflation is continuing to impact purchasing power, and the overall economy is facing a significant slowdown. Poor electricity service is already a burden on businesses. “Tax revenue is growing by the year, but the economy is not advancing, something is broken here,” Jawad said, emphasising the need for the government to focus on providing relief to the people more than purely on accumulating tax revenues.
Demand for wheat support price in the context of Petroleum Levy Collections
The business forum pointed out that the government had raided an astounding Rs1,568 billion only through the petroleum levy last fiscal year. If authorities could do so, it would be easy to absorb a reduction in the levy, said PFB, pointing out that lesser government spending and administrative cuts would make up for a levy cut.
In addition, the business community called for the government to declare the official price for wheat in advance of November to ensure stability in agriculture.