FINANCE MINISTRY UNAWARE OF NON EXISTENCE OF COINS IN CIRCULATION

The Union of Small and Medium Enterprises (UNISAME) has urged the ministry of finance to take heed of the recommendations of the Oil and Gas Regulatory Authority (OGRA) and not burden the consumers beyond limits. The federal government slightly reduced petrol price and increased prices of diesel and kerosene oil.

The finance ministry paid no heed to proposals of OGRA, for cut in prices of the petroleum products, and changed prices without considering the further burden it would impose on the sector.

President UNISAME Zulfikar Thaver said the price of petrol has been reduced by 0.48 paisa per liter only which is strange as 0. 48 paisas are by itself hardly any relief and meaningless as it cannot be taken into account while diesel and kerosene cost has been increased by Rs. 2.18 and 0.67 paisa per liter respectively whereas Rs. 2.67 per liter has been cut in price of Hi-Octane which is consumed by the sector which can afford it and not of any relief to the common man.

He said OGRA had sent proposal for cut in petrol price by Rs. 2.48 per liter and increase in diesel price by 0.18 paisa but the finance ministry did not give heed to it and fixed prices according to its own considerations.

The union invited the attention of the finance ministry to the fact that it is a practice to discard and ignore figures below fifty paisas and any figure above fifty paisas is rounded as one rupee.

The union advised the ministry of finance in future to avoid the increase or decrease below one rupee as it is physically not possible to present coins and fractions of rupee as nor do the coins exist in circulation nor in meaningful value and usually the negligible balance is not returned by the dealers.

Posted in: Press Releases