HYDERABAD: President Hyderabad Chamber of Small Traders and Small Industry Muhammad Farooq Shaikhani welcomed the government’s decision to reduce petroleum product prices stating that this step by the federal government would help mitigate the wave of inflation.

He mentioned that the announcement made by the Ministry of Finance on Friday to reduce petrol prices by Rs. 14 per liter and high-speed diesel by Rs. 13.50 per liter is satisfactory news for both the business community and the public.

President HCSTSI stated that this action would be advantageous for all segments of society, especially for traders and industrialists who face difficulties meeting their orders on time and at specified prices due to the increased cost of petroleum products used in transportation.

He emphasized that whenever the government increases petroleum prices everything in Pakistan becomes more expensive. However, when prices are lowered the impact doesn’t reflect in the reduced prices as anticipated even administrative measures to implement this fall short. Therefore, Pakistan’s government should devise a systematic mechanism to ensure benefits across all strata of society.

He pointed out that despite the recent reduction petroleum product prices in Pakistan remain considerably higher compared to international markets. He urged the Pakistani government to align these prices with the global market rates.

Copyright Business Recorder, 2023