The crude oil imports fetched Rs9.7b in taxes at the import stage alone up by 410% or nearly Rs8b after the govt slapped 17% GST on its imports in the budget. PHOTO: REUTERS
Oil prices fell more than 2% on Monday, extending last week’s steep losses on the back of a rising US dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand. A United Nations panel’s dire warning on climate change added to the gloomy mood after fires in Greece razed homes and forests and parts of Europe suffered deadly floods last month. Brent futures were down $1.65, or 2.3%, to $69.05 a barrel by 1721 GMT, while US West Texas Intermediate (WTI) crude fell $1.73, or 2.5%, to $66.55.
Published in The Express Tribune, August 10th, 2021.
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