The Lahore Chamber of Commerce & Industry has urged the government to bring down energy prices as industries deserve benefit of major decline in oil prices in international market.
In a statement, the LCCI President Irfan Iqbal Sheikh and other office bearers said that oil prices in international market are at the lowest ebb and fallen well below the $ 30 per barrel. They said that oil is an important raw material for the industrial sector while country is also producing a major chunk of electricity from oil. Keeping in view the decline of oil prices in the international market, government should bring down the energy prices in the country.
“It would be a great relief to the industries and traders who are suffering heavily because of circumstances fabricated due to coronavirus attack and lockdown throughout the country”, the LCCI office-bearers added.
They said that high cost of doing business is one of the major issues being faced by the industrial sector and industries need support of the government to bring down their input cost to ensure prominent presence in the international market. Definitely, it would bring much-needed precious foreign exchange to the country and reduce financial pressure.
They said that it is not the industrial sector alone but the agriculture sector would also flourish if government reduces the energy prices. They said that Pakistan’s agriculture sector is engine of growth. They said that cut in petroleum prices would decrease the input cost of agriculture production as high speed diesel is being used in tractors, tube-wells, harvesters, thrashers and other agriculture machinery.
They were of the view that the timeline for reducing the energy prices is best as all sectors are suffering heavily due to lockdown and closure of businesses. Major cut in energy prices would help them to back on their feet.
They further stated that Pakistan needs development of renewable energy resources as it would be prevailing in future. Government should encourage local and foreign investors to invest in this particular areas and not only serve the country but also gain benefits at vast scale.
They said that country has vast scope for renewable energy and its promotion will definitely reduce oil import bill of the country besides reducing the cost of doing business and living cost of the common man. They said that solar penals and small wind turbines can easily be installed in residential colonies for power generation.
