UBG hails PM decision to reduce prices of petroleum products

ISLAMABAD: United Business Group of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Sunday hailed the decision of prime minister to reduce fuel prices, saying that it will help control inflation and restore confidence of business community.

Group Chairman Shahzad Ali Malik, in a press statement, said that it was a good decision of the government to pass on impact of petroleum prices to the masses and continuation of ban on luxury goods. He urged the government to slash super tax and bring down other taxes levied on industries and the business community to speed up the slow down economic growth and accelerate the commercial activities in the country which, he added, will help steer country out of economic turmoil.

He said it was also another good decision of the cabinet allowing clearance of goods arrived at ports two weeks after the ban on such imports on payment of five percent fine and 15% duty on consignments. He said suspension of certain conditions on imports of timber/wood till August 31 will rectify the genuine hardship of timber importers in getting cleared 224 containers.

Shahzad Ali Malik said epoch making decision to allow the import of goods of Afghan origin against the Pakistani currency and without the requirement of importers’ electric 1-Form for a period of one year will boost trade between the two Muslim neighboring countries besides helping the war-torn state for help strengthen its economic base, he concluded.