High mark-up, oil prices and power tariff: KCCI team meeting Zardari on Friday

A 40-member delegation of Karachi-based businessmen will meet President Asif Ali Zardari on Friday to discuss issues of mark-up rates, oil prices, power tariff, etc. The delegation comprises Karachi Chamber of Commerce and Industry President Anjum Nisar, Senior Vice President Muhammad Jawed Bilwani, Vice President Mohammed Ali, Formers Presidents, Siraj Kassim Teli, Haroon Farooki, Zubair Motiwala and Aqeel Karim Dedhi, etc.
Former Vice President of Karachi Chamber of Commerce and Industry (KCCI) Haroon Agar said that the delegation would discuss issue of high mark-up rates in Pakistan as compared to other countries of the world.
Talking to Business Recorder, he said mark-up rates in other countries are only 3 to 5 percent whereas in Pakistan banks are providing finance at 17 percent or more. Obtaining finance on this mark-up rate under the present grim economic condition is neither feasible nor suitable.
He said that other issue is oil prices. He thanked the government for reducing oil prices and said that there was still room for further reduction. Giving example of India, he said that India has reduced oil prices by Rs 17 per liter. Likewise, Bangladesh reduced oil prices by Rs 25 per liter whereas in Pakistan it was cut by mere Rs 5 per liter on petrol and Rs 4 per liter on diesel.
He said in the wake of significant reduction in world oil prices, which have tumbled from 144 dollars per barrel to 66 dollars per barrel, the government should reduce oil prices by Rs 25 per liter. He said that the delegation will also take up the issue of power tariff with the President. The delegation will also discuss law and order situation in the country.