New Laws: Bills on petroleum products and gas approved

The GIDCB and Petroleum levy will save burden of Sui companies consumer costs to be borne by general public.

ISLAMABAD:

The National Assembly’s Standing Committee on Finance, Revenue and Planning and Development unanimously has approved the Gas Infrastructure Development Cess Bill (GIDCB), 2011 and Petroleum Products (Petroleum Levy Amendment) Bill, 2011.

This will save direct burden of Sui companies’ consumer costs to be borne by general public. Both the bills have been endorsed by the NA Standing Committee.

The Petroleum Products (Petroleum Levy Amendment) Bill, 2011 provides for imposition of levy keeping in view the requirement on the basis of international market.

This amendment will eliminate exploitation of the supply and demand gap through cartelisation and artificial price hike. These amendments will also ensure clarity, certainty and effectiveness in the implementation of petroleum levy regime.

Published in The Express Tribune, November 19^th, 2011.