ISLAMABAD  -  Islamabad Chamber of Commerce and Industry (ICCI) on Saturday has lauded the

government's decision to slash the oil prices, which would provide some relief to people and reduce cost of doing business to some extent

ICCI President Sheikh Amir Waheed has said that government has slashed the high speed diesel price by Rs6.37 and petrol by Rs2.41 per litre for the ongoing month of September, which would provide some relief to people.

However, he stressed that government should have reduced high taxes and levies on POL products to give decent relief to the common man and to the business sector.

Waheed in a press statement said that the government was currently charging 22 percent GST on HSD, 9.5 percent on petrol and 6 percent on kerosene.

He said the government was also charging levy of Rs8 per litre on HSD, Rs10 on petrol and Rs6 on kerosene due to which the prices of these products were still very high in Pakistan.

The ICCI president was of the view that by levying heavy taxes, the government has made POL products a source of revenue, but this practice was costing the business community and the general public dearly.

He emphasized that instead of making POL products revenue generating commodities, government should cut taxes and levy on these products and bring drastic reforms in the taxation to improve revenue generation. It could be the wise approach to provide decent relief to the common man, create enabling environment for the growth of business activities and put the economy on the path of sustainable growth, he added.