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July 11, 2018
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ICST suggests establishment of discount stores

Islamabad

July 11, 2018

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Islamabad: Islamabad Chamber of Small Traders (ICST) on Monday suggested establishing discount stores across the country to shield poor from inflation.

The number of utility stores should be increased while private sector should be entrusted upon establishing efficient discount stores across the country to shield the poor from the brunt of inflation, it said.

A weak rupee is influencing price movements, utility stores are not efficient and their number is too little to cater for the needs of poor, said ICST Patron Shahid Rasheed Butt. He said that rupee has been eroded and energy prices are high which has increased cost of production and imports taking a toll on the masses.

Profiteers are banking on the opportunity making life miserable for the masses as the price control mechanism has failed to help poor weather the inflation, he added. The government claim that prices are stable is contradicted by a sharp rise in prices of almost all items of daily use including wheat flour, pulses, edible oil, ghee and milk besides vegetables and fruit.

He lauded the decision of the caretaker government which has decided to revise down the petroleum prices in light of directions from the Supreme Court. The price of petrol has been decreased by Rs4.26 per litre, that of high-speed diesel by Rs6.37 per litre, kerosene oil by Rs3.36 per litre and the price of light diesel oil has been decreased by Rs5.54 per litre.

Relief in petroleum prices would not only provide much-needed respite to the masses but also reduce the cost of production and give a boost to economic activity while the government will lose Rs10 billion in the revenue.

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