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RCCI urges to pass on profit on crude oil to consumers

RAWALPINDI: Rawalpindi Chamber of Commerce and Industry (RCCI) hasurged the government to pass on the profit of plummeting international oil prices to the consumers.

RCCI president Mian Humayun Parvez said in a statement that the crude oil price has dropped down to $27 per barrel, the lowest level in the last 13 years. The government has imposed heavy tax levy on Petro products, highest among the regional countries and is making hefty profits on it, he said.

RCCI President said that more than 55% power generation was carried out through Thermal and gas sources. The government must make an immediate announcement of lowering oil and electricity prices, he added.

”Pakistan economy has been struggling for the past 10 years as our exports are falling due to the high production cost”, President said.

Textile and Agriculture being major contributors on exports, pushed the economy on back foot due to the unavailability and high price of electricity and gas tariff, he further added.

High tariff and production cost pushed manufacturers to close their businesses and shift their line of business from exports oriented to import oriented, causing ahuge hit on exchequer, he added.He said that government should reduce GST and other taxes on POL products and pass on the benefits of falling global oil prices to the consumers as soon as possible.

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