PM for strict action against those involved in the artificial inflation
PM Imran Khan was briefed on the situation of inflation in the country.
ISLAMABAD (Dunya News) – Prime Minister Imran Khan has said that strict action should be taken against the perpetrators involved in the artificial inflation.
According to sources, a high level meeting was held under the chairmanship of PM Imran Khan to review country’s economic situation.
During the meeting, the prime minister was briefed on the inflation situation in the country. The meeting discussed the effects of increase in prices of petroleum products.
Sources further said that the meeting discussed reducing taxes on food items while the PM directed the ministers to take steps to implement price control committees.
Imran Khan said that the ministers should keep an eye on the artificial inflation in their constituencies, adding that strict measures should be taken against those involved in the artificial inflation and the hoarders.
Earlier, addressing a press conference in federal capital, Federal Minister for Planning and Development Asad Umar said that recent rise in inflation is not a local but a global issue.
Asad Umar said that reopening of industries around the globe after coronavirus lockdown shot up the prices of oil and other commodities resulting in inflation around the globe.
However, the minister stressed that price of petrol, sugar and edible oil are still low compared to other countries.
While providing stats, Asad Umar said that price of sugar rose 53 percent internationally while Pakistan saw an increase of only 15 percent while price of urea is only Rs28 compared to international price of Rs67.
Planning Minister said that government plans to reduce price of edible oil by Rs50 and bring down price of sugar to Rs90.Asad Umar said a program has been prepared to extend targeted subsidy on essential commodities to the marginalized segments of the society. He said Prime Minister Imran Khan will share details of this program in the next few days whilst benefit of this program will start reaching the people by the end of next month.
The Minister for Planning said the government has also substantially reduced taxes on petroleum products in order to pass on minimum impact of their increase in the world market.
He pointed out that crude oil prices witnessed an increase of 81.55 percent over the last twelve months in the global market whilst in Pakistan, the prices were only enhanced by 17.55 percent.
On petrol, he said, we have reduced GST from seventeen percent to 6.8 percent and the Petroleum Development Levy from thirty rupees to 5.62 rupees per liter.
Asad Umar said the sales tax on diesel has been reduced from seventeen percent to 10.03 percent and the petroleum development levy from thirty rupees to 5.14 rupees per liter.
