Hike in oil prices, power tariff to sabotage PM vision

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Our Correspondent

Lahore

The country’s apex trade body on Saturday, opposing the jump in prices of petroleum products by a significant margin for the rest of Dec 2020, stated that the move would sabotage the Prime Minister’s vision of lowering input cost.
FPCCI President Mian Anjum Nisar, while talking to a trade a delegation here at his office, said that the regular attempt of economic managers to increase oil prices along with hike in power and gas tariffs will ultimately harm the government’s overall move of reducing production cost in the country announced by the PM in various phases, including Industrial Power Tariff for SMEs and reduction in markup rate to 7 percent by the SBP.
“It is the fact Brent price in the international market has crossed $50 per barrel but the government can compensate the industrial and general consumers by slashing the levies and taxes ratio on oil.