The Lahore Chamber of Commerce & Industry has urged the government to take full advantage of the lowest oil prices in the international market and make maximum purchases according to its storage capacity.
In a statement, LCCI President Irfan Iqbal Sheikh said that oil prices in the international market have fallen while prices in US market have gone negative. It is a good opportunity for the country. He said that government should think about it, should make purchases according to the storage capacity and should also pass on its benefit to the trade, industry and the masses.
The LCCI president said that government is taking praiseworthy measures to deal with Corona while measures like cut in markup rate would also support the industrial sector but still a lot of work has to be done.
He said that reduction in POL prices would certainly bring down the cost of doing business and Pakistani products would get their due share in the international market. He said that Pakistan’s agriculture sector is engine of growth. The decrease in petroleum prices would bring down the input cost of agriculture production as high speed diesel is being used in tractors, tube-wells, harvesters, thrashers and other agriculture machinery.
Irfan Iqbal Sheikh said that the government would also be able to reduce the cost of power generation. He hoped that government would consider the suggestion seriously.
