Pakistan has lowest prices for petroleum products: Senate told

Energy minister says govt provided tax relief worth Rs465b

ISLAMABAD:

Minister for Energy Hammad Azhar on Monday apprised the Senate that prices of petroleum products in Pakistan were lower than 127 countries.

Winding up debate on a motion moved by Bahrmand Khan and Mushtaq Ahmed about the recent rise in petroleum prices, the minister said the government has provided tax relief of Rs465 billion for keeping petroleum prices lower than other countries.

Sharing the details, he said prices of petrol and high-speed diesel have witnessed 40 per cent and 36 per cent increase respectively in the international market since January 2021.

However, he clarified the government allowed only six per cent and nine per cent increase in the prices of petrol and diesel respectively to provide maximum relief to the masses. The relief was provided to the people by slashing various taxes on petroleum products, he added.

Coming hard on the past Pakistan Muslim League-Nawaz (PML-N) government, the minister said the PML-N government did not pass the impact of lowest oil prices onto the masses and collected 56 per cent of taxes on various petroleum products.

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Currently, the government was collecting only 10 per cent and 11 per cent tax on petrol and diesel respectively, he said, adding that only Rs5 and Rs5.25 per cent per litre respectively petroleum levy was being charged.

The minister said still prices of petrol and diesel were lowest in the region. Currently, petrol and diesel were being sold at Rs123 and Rs120 per litre respectively, he said. He further stated the international market witnessed a boom after Covid-19 pandemic and the prices of food grains and other commodities registered a sharp increase resulting in inflation.

Azhar said it is high time to join hands and provide better relief to the masses from inflation rather than resorting to emotional slogans.

He maintained that the government was making efforts to provide relief to the people while a record subsidy was given to Utility Stores Corporation besides allocation of hefty funds to Ehsaas Programme and Health Cards.

Network of ‘Langarkhanas’ was also being expanded to other parts of the country, he said. Earlier, Bahramand Tangi and Mushtaq Ahmed demanded of the government to reduce the prices of petroleum products in order to mitigate the miseries of the common citizens.