LCCI lauds govt’s decision to reduce petroleum product prices

LAHORE: The Lahore Chamber of Commerce & Industry lauds government’s decision to reduce petroleum product prices. The LCCI office-bearers anticipate a substantial decrease in interest rates and electricity costs in the near future.

LCCI President Kashif Anwar, Senior Vice President Zafar Mahmood Chaudhry and Vice President Adnan Khalid Butt commend the considerable reduction in fuel prices, emphasizing its positive impact on trade, industry, and the general population. They also urge similar relief for essential commodities like flour, edible oil, rice, pulses, and spices.

The LCCI office-bearers acknowledge the government’s commitment to stabilizing the economy, evidenced by the massive cut in petroleum prices and a significant Rs28 drop in the interbank dollar rate within the past 1.5 months. The interbank dollar rate, which was Rs305 on September 1, 2023, has fallen to Rs277 on October 13, 2023, they noted.

The LCCI office-bearers also attribute this economic progress to Chief of Army Staff General Syed Asim Munir and the caretaker government, who have actively supported and revitalized the economy.

Furthermore, they anticipate that reduced fuel prices will lead to lower operating costs for businesses, thereby enabling Pakistani products to compete more effectively in the international market.

The LCCI office-bearers emphasize that this decision not only relieves the industrial sector but also paves the way for growth in the agriculture sector.

They highlight the significance of the agriculture sector as an engine of economic growth, with lower fuel prices reducing the input costs for agricultural production, which relies on high-speed diesel for tractors, tube-wells, harvesters, and other machinery.

In addition to the reduction in petroleum prices, they call on the government to lower electricity prices, particularly as a substantial amount of electricity is generated through thermal means. This dual relief in fuel and electricity costs promises a positive shift in the business landscape at a time when the industry is grappling with high operational expenses.

Copyright Business Recorder, 2023