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Program prepared to subsidize essential commodities: Asad Umar

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ISLAMABAD, Pakistan: The Minister for Planning and Development Asad Umar has said that a program has been prepared to extend targeted subsidy on essential commodities to the marginalized segments of the society. 

While addressing a News Conference in Islamabad on Monday, the minister said that Prime Minister Imran Khan will share details of the program in the next few days whilst its benefit will start reaching the people by the end of next month.

Asad Umar also said that the government has decided in principle to reduce the edible oil price by Rs 45 to 50 per kilogram. He added that it will be achieved by reducing taxes on the edible oil as the sales tax on edible oil will be cut from 17 percent to 8.50 percent, customs duty per ton to be halved and additional customs duty will be abolished.

The minister for planning said that the government has also substantially reduced taxes on petroleum products in order to pass on the minimum impact of their increase in the world market.

The minister pointed out that crude oil prices witnessed an increase of 81.55 percent over the last 12 months in the global market whilst in Pakistan, the prices were only enhanced by 17.55 percent.

The federal minister said that on petrol, we have reduced general sales tax (GST) from 17 percent to 6.8 percent and the petroleum development levy from Rs 30 to Rs 5.62 per liter. He said that the sales tax on diesel has been reduced from 17 percent to 10.03 percent and the petroleum development levy from Rs 30 to Rs 5.14 per liter.

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