Government plans to reduce price of edible oil by Rs50 per kg: Asad Umar
Government plans to reduce price of edible oil by Rs50: Asad Umar
ISLAMABAD (Dunya News) – Federal Minister for Planning and Development Asad Umar on Monday said that recent rise in inflation is not a local but a global issue.
Addressing a press conference in federal capital, 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.
