KARACHI - PARCO and other producers of liquefied petroleum gas (LPG) on Tuesday slashed its price by Rs 5,100 to Rs 67,175 per metric ton in the country. This was stated by the chairman of FPCCI Standing Committee on LPG and All Pakistan LPG Distributors Association Hadi Khan. He said that this 8pc decrease in prices was pleasant surprise and the producers has cut the price mainly because of sharp decline in LPG sale which has dropped by 25pc in the last few months and also due to accumulating unsold stocks of LPG in the market. He said that marketing companies will reduce price of LPG by Rs 5 to Rs 81 and 82 per kg from Wednesday (March 3, 2010) while 11.8 kg cylinder will be sold at Rs 885 after a cut of Rs 60 and 45.4 kg cylinder will be down by Rs 230 to Rs 3,405. Hadi said that Saudi Aramco contract price (CP) of LPG has been declined in the international market by $15 to $720 per ton. He pointed out that the sale of LPG has declined in the winter season by 22.22 percent for the first time in the last 10 years due to depreciating purchasing power of general consumer. Hadi said that 13,240 metric ton of LPG has been imported in the last two months of 2010, which is higher by 61.81 percent over last years 8,184 MT (January-February 2009). He urged the government to remove double sales tax on LPG import and impose GST only on the local sale of LPG in a bid to reduce import bill and provide relief to 60 million LPG consumers in the country. Hadi said that removal of sales tax on LPG import will also attract new investors in LPG industry.