President, Korangi Association of Trade and Industry (KATI), Zahid Saeed, has urged the government to utilise declining oil prices in international market as an opportunity for boosting economic activities by reducing oil prices locally. He said that declining oil prices in international market was an opportunity and urged the government to make most of it for accelerating economic growth.
He said that the price of a barrel crude oil, which was $115 in June 2014, had nose-dived to $25. But despite such a sharp decline, the electricity tariff was not cut accordingly, he pointed out. Zahid Saeed said that it was expected that after lifting of sanctions on Iran oil exports would increase leading to further cut in oil prices. "Government should take this as an opportunity and at least translate these cheaper prices in electricity tariffs," he demanded.
Senior Vice- President KATI Saleem-u-Zaman said that amid decrease in fuel prices, the cost of operational activities in cement sector would also drop. "Textile sector will benefit from improvement in margins due to decrease in prices of electricity and receding interest rates. Chemical and paint producers would gain from reduced cost of chemicals if we utilise this in a proper way.