Traders demand immediate reversal of petroleum price hike

ISLAMABAD: All Pakistan Tajir Association President Ajmal Baloch demanded the immediate withdrawal of the recent increase in petroleum prices, warning that it will fuel inflation across the country.

Addressing a presser at a press conference in Islamabad, Ajmal Baloch criticised the timing of the price hike and termed it an ‘injustice’ following the federal budget.

“The increase in petrol and diesel prices directly triggers a surge in inflation. Hiking fuel costs right after the budget is excessive and burdensome for the public,” the All Pakistan Tajir Association president added.

Ajmal Baloch said that Pakistan’s retail sector contributes significantly to the tax system. “It is incorrect to say retailers pay the lowest taxes. In fact, they are among the highest taxpayers,” he said.

The traders’ leader also raised the issue of ‘excessive’ electricity billing and said that bills for retailers are exorbitantly high, with minimum charges ranging from Rs 60,000 to Rs 70,000.

Ajmal Baloch said that traders with a collective turnover of over millions of traders are paying a 10 percent advance income tax on their electricity bills, which is transferred from the accounts of power distribution companies (DISCOs) to the Federal Board of Revenue (FBR).

“The government must take steps to reduce its spending to ease the burden on the people,” he demanded.

The federal government has increased petroleum product prices prices once again, pushing the petrol price up by Rs 4.80 per litre

According to a notification issued by the Ministry of Finance, the petrol price has been increased by Rs4.80 per litre, bringing the new petrol price to Rs258.43 per litre.

Similarly, the price of high-speed diesel has been raised by Rs7.95 per litre, with the new rate set at Rs262.59 per litre.