Businesses laud cut in POL prices

KARACHI: The Karachi Chamber of Commerce Industry (KCCI) appreciated the substantial reduction in petroleum price by Rs40 per litre and said it was in line with the decline in the international market and rupee appreciation.

In a joint statement, Businessmen Group (BMG) Chairman Zubair Motiwala and KCCI President Iftikhar Ahmed Sheikh said that this was the second consecutive cut in petroleum prices, which would certainly help in bringing down inflation to some extent.

However, they called for effective price control mechanism and strict implementation of government rates of various household products to provide relief to inflation-stricken poor masses.

Motiwala expressed hope that the caretaker prime minister would also take measures to reduce the power tariffs and devise effective strategies for dealing with the ongoing gas load-shedding and low gas pressure being suffered by the industries situated in all seven industrial town zones of Karachi.

Sheikh said that the reduction in petroleum prices would reduce the cost of production, which would ultimately extend a direct benefit to the people. “The industrial sector would definitely benefit from the reduction in POL prices mainly as fuel and electricity are regarded as the lifeline of any economy and play a pivotal role in the socio-economic development of a country,” he added.