The business community of the southern Punjab on Sunday hailed the reduction in the prices of petroleum products by Rs 5 per litre and said it was a wise decision of Prime Minister Nawaz Sharif to reduce prices of petroleum products.
President of Multan Chamber of Commerce and Industry (MCCI) Fareed Mughis A Sheikh said reduction of Rs5/litre in petroleum prices to some extent would provide relief to industry. He said survival of a country only depended on sound economy, which needed peaceful atmosphere, better law and order and business friendly environment.
He demanded of the government to take steps for overcoming the power crisis due to unscheduled gas and power loadshedding as it has become difficult for the industrialists to meet the export targets. He appealed to transporters to cut their fares/transport charges so that people get goods, especially the essential items at low prices along with relief in their routine travelling bill. Industry would definitely benefit from reduction in POL prices mainly in Punjab where most of the industrial units generate electricity by using diesel to meet their energy needs.
MCCI Chief Fareed Sheikh maintained the government should work for further cut in oil prices as crude price in international market has dropped to more than 30 percent. Industrialists and traders of Southern Punjab hailed the government's initiative of introducing a major cut in petroleum prices and termed it a business-friendly and people-friendly move.
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