LAHORE: Soaring inflation in the country has been a major problem for the residents but the recent hike in petroleum prices has been treated by the general public as a dosage of grief. The impact of taxes on all petroleum products has increased and the petroleum consumers will pay a collective amount of Rs 47.16 billion in taxes.
After the recent price hike consumers of petrol will pay a per litre tax of Rs 24.77 and the diesel prices will have a per litre tax of Rs 29.91.
According to sources, the price hike in petroleum products from November 1st has led to an increase in tax revenue for the government while it has certainly been viewed as bad news for consumers.
The price fixing formula of petroleum products includes various charges apart from the original ex-refinery rate.
After the recent increase in prices, per litre petrol cost now constitutes of Rs 11.4 in General Sales Tax (GST), Rs 10 in way of petroleum levy, inland freight margin of Rs 3.14, withholding tax amounting to Rs 0.59, distribution margin of Rs 2.55 and dealer commission of Rs 3.35.
Similarly per litre diesel price after the recent increase consists of Rs 8 for petroleum levy, GST of Rs 20.2, inland freight charges of Rs 1.42, withholding tax of Rs 0.47, distributor margin of Rs 2.51 and dealer commission of Rs 2.67.
All these additional charges which are paid for at the end by consumers put an unfair burden on the public and the quality of life for the residents decrease due to a decrease in the disposable income.
Lahore Chamber of Commerce and Industry (LCCI) President Malik Tahir Javaid deemed the current increase in petroleum prices unfair and called such rates of taxes regressive and stated that the poor strata of the economy are being adversely affected. He called on the government to end all policy measures which increase the rate of inflation in the country and prove to be a burden for the common man.
[…] Read the full article from the Source… […]
Comments are closed.