ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) on Tuesday urged the government to pass on full benefit of falling international oil prices to consumers by making proportionate cut in domestic oil prices.
ICCI President Atif Ikram Sheikh said that reducing oil prices will help boost business activities and provide relief to ordinary citizens.
“The government has imposed heavy taxes on petroleum products and GST on these products ranges from 25 per cent to 45pc. Crude oil prices in the international market have come down to a 12 years low level of below $30 a barrel,” he said.
“Whenever oil price in international market went up, no time was wasted to pass on its burden to the common man,” he added.
The ICCI president said that instead of making falling international oil prices a source of revenue for itself, the government should transfer this benefit to the general public.
Apart from heavy GST, people were also paying petroleum levy which ranged from Rs6 to Rs14 per litre, he added.
Courtesy : Dawn News