HCCI chief seeks ‘sound economic plan’ from govt

HYDERABAD: President of Hyderabad Chamber of Commerce and Industry (HCCI) Adeel Siddiqui has said that appreciation of Pakistani rupee and drop in oil prices are good omens that would certainly stabilize Pakistan’s economy.

He urged Pakistan government to come up with a sound economic planning.

In a statement issued Thursday, he said crude oil’s price was at lowest in last six months, dropping from $100 per barrel to $92. He said that Pakistani rupee’s gain against dollar was a positive sign for the Pakistani economy. He said that now drop in fuel prices in Pakistan is expected.

HCCI Chief said that a reduction of 3 million barrel per day in oil production by Organization of Petroleum Exporting Countries (OPEC) was being noted ever since Covid pandemic affected the world. He said that the trend of price hike was highest in 40 years in the US.

He said if global reception and slowdown in growth in economies of the US and China continued then crude oil’s price would drop to $60 to $65 per barrel which would be a positive sign for our country.

However, Adeel Siddiqui said, Russia should not slow its oil production, failing which oil price would again shoot up to $100 per barrel. He said Pakistan government should devise a policy in line with declining oil price trend while enriching its oil reserves.

He said impact of this situation should be passed on to masses in shape of inexpensive electricity production, reduction in prices of petrol and edibles.

Copyright Business Recorder, 2022