ISLAMABAD: The Supreme Court on Wednesday sought a written explanation regarding the imposition of different taxes on petroleum products.
Hearing the petroleum products case, Chief Justice Mian Saqib Nisar gave a week’s time to the concerned departments including petroleum ministry to submit an explanation before the court regarding the taxes imposed on petroleum products.
During the proceedings, the additional attorney general informed the bench that Pakistan’s petroleum prices are the lowest in the region.
While informing the bench about the tax procedure, the AAG explained that there are three types of taxes imposed; custom, petroleum and sales. “0.4 per cent of sales tax is being deducted,” he informed the bench.
“Is there any margin of petroleum products?” the CJP questioned. “There are all sorts of margins, oil company marketing margin and petrol pump diesel marginal,” the AAG informed.
Justice Ijazul Ahsan remarked that the price of crude oil decreased from $100 to $50 in the international market, but the prices have not reduced in Pakistan.
The top judge ordered a complete audit of the process and a detailed report to be submitted in seven days and the case was adjourned for a week