The Senate was informed on Thursday that the government has brought the sales tax on petroleum products to zero and reduced the petroleum development levy in order to pass on to the people the minimum burden of unprecedented rise in the prices of petroleum products in the international market.
Responding to the points of Leader of the Opposition Syed Yousaf Raza Gilani in the house today, Leader of the House Shahzad Waseem said the government has resultantly borne revenue loss of thirty-five billion rupees.
The Leader of the House said the petroleum prices have increased by thirty-five percent in the international market over the last two months due to various factors including the Ukraine situation. He, however, said that as soon as the prices of petroleum products come down, the benefit will be transferred to the masses.
Meanwhile, Leader of Opposition Syed Yousaf Raza Gilani said the prices of petroleum products have gone beyond the reach of the people. He pointed out that increasing their prices further pushes up inflation. He said the opposition parties do not accept the recent increase in the prices of petroleum products.