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November 25, 2020

LPG sector urges govt support

Business

November 25, 2020

LAHORE: Pakistan LPG Marketers Association (PLGPMA) on Tuesday urged the Ministry of Planning, Development and Special Initiatives (Energy Wing) to re-address genuine reservations of the domestic LPG industry.

In a letter, written to the Planning Commission, PLPGMA Chairman Farooq Iftikhar said domestic LPG industry had concerns on the recommendations prepared by the Energy Wing, Planning Commission should be addressed in the larger interest of the economy. He said domestic producer price was determined through auctions with a ceiling price of prevailing month’s Saudi Aramco Contract Price.

“Without the ceiling price, larger companies with deep pockets geared towards imports will drive the price higher for the end users and crowd out the smaller companies,” he added.

He asked to cut GST on local LPG to 10 percent, and to maintain PDL at the current Rs4,669 per ton level. “This will allow for equalisation of price viz a viz imports, as almost 90 percent of product imported into Pakistan is of Iranian origin and is delivered at CP minus price to Karachi Port and Taftan Border.” However, to encourage import and reduce its price, the 5.5 percent advance income tax must be abolished.