Pakistan has lowest POL price in the region, claims Rashid
Argues that the consumers are saving Rs37.68 per litre; an increase of 96 paisas in sales tax is nothing
Federal Information Minister Pervaiz Rashid. PHOTO: APP
ISLAMABAD:
Information Minister Pervaiz Rashid has said that the government has passed maximum benefit to the people by a further reduction in petroleum prices, and Pakistan has the lowest per litre price of petrol in the South Asian region.
While addressing the media in Islamabad on Sunday, the information minister justified an increase in sales tax by saying that when the petrol price was Rs107.97 per litre, consumers had to pay Rs18.36 of tax per litre.
“…now the petrol price is Rs70.29 per litre, and the consumers have to pay Rs19.32, just 96 paisas more than previous figure of sales tax.”
Rashid argued that the consumers saved Rs37.68 per litre, and an increase of 96 paisas in sales tax is nothing.
He said the government used to get Rs68 billion in terms of revenue collection from petroleum products, which has now been reduced to Rs28 billion.
“The government is bearing a loss of Rs40 billion by reducing the petroleum prices on account of revenue collection,” he said.
Economic indicators improving
The information minister while highlighting the country’s economic indicators, said that the Federal Board of Revenue has increased its revenue by 12.7 per cent; remittances have been increased by 15.26 per cent whereas there has also been a rise in foreign investment by 19 per cent.
He added that inflation had fallen by half, while foreign reserves stood at $15 billion now.
2015 will be the year of mega projects
The federal minister has said that 2015 will be the year of launching mega projects in the country, vowing to initiate its plans next month.
The Pakistan Economic Corridor, energy-related projects, and dams for hydroelectric electricity will soon be inaugurated, he added.
Information Minister Pervaiz Rashid has said that the government has passed maximum benefit to the people by a further reduction in petroleum prices, and Pakistan has the lowest per litre price of petrol in the South Asian region.
While addressing the media in Islamabad on Sunday, the information minister justified an increase in sales tax by saying that when the petrol price was Rs107.97 per litre, consumers had to pay Rs18.36 of tax per litre.
“…now the petrol price is Rs70.29 per litre, and the consumers have to pay Rs19.32, just 96 paisas more than previous figure of sales tax.”
Rashid argued that the consumers saved Rs37.68 per litre, and an increase of 96 paisas in sales tax is nothing.
He said the government used to get Rs68 billion in terms of revenue collection from petroleum products, which has now been reduced to Rs28 billion.
“The government is bearing a loss of Rs40 billion by reducing the petroleum prices on account of revenue collection,” he said.
Economic indicators improving
The information minister while highlighting the country’s economic indicators, said that the Federal Board of Revenue has increased its revenue by 12.7 per cent; remittances have been increased by 15.26 per cent whereas there has also been a rise in foreign investment by 19 per cent.
He added that inflation had fallen by half, while foreign reserves stood at $15 billion now.
2015 will be the year of mega projects
The federal minister has said that 2015 will be the year of launching mega projects in the country, vowing to initiate its plans next month.
The Pakistan Economic Corridor, energy-related projects, and dams for hydroelectric electricity will soon be inaugurated, he added.