Higher tax on petrol, diesel likely to hit socio-economic life in Pakistan

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KARACHI: The current Rs 40 tax per liter on diesel and Rs 34 on petrol, which is very high, is set hit people’s economy, affecting their social as well as business life in the country. The people of the country, who are already suffering from price hike of essential commodities, could not afford the government’s wishful decision. The rising oil prices may also add to pressure on the country’s forex reserves, widen trade gap.

“Currently government charges Rs 40 tax per liter on diesel and Rs 34 on petrol from the consumers which are not acceptable,” said Businessmen Panel (BMP) of the Federation of Pakistan Chambers of Commerce and Industry in a statement sent to PPI yesterday.

He said: “Pakistan’s economy will most likely face tougher challenges in the second half of the current fiscal year as it remains heavily dependent on imported fuel oil whose prices are steadily on the rise and in view of Pakistan’s annual inflation that climbed to 4.4 per cent in January from 3.7pc in the same month last year mainly due to hike in petroleum prices.”

BMP Chairman Mian Anjum Nisar said: “Good days seem to be over as January-June 2018 import bill will be significantly higher than the first half of the current fiscal year 2017-18. Petroleum goods remain heavily taxed to make up a significant chunk of the revenue collected by the government and we will not stand for the economic murder of the country. Currently, government charges Rs 40 tax per liter on diesel and Rs 34 on petrol from the consumers which are not acceptable.” —PPI

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