The Islamabad Chamber of Commerce & Industry (ICCI) has welcomed the government’s move for making another reduction in the petroleum prices and called upon it to make proportionate cut in the power tariffs and prices of other items to pass on its real benefits to the business community and the general public.
Acting ICCI President Shakeel Munir said that the oil prices in the international market have come down to $ 71.25/barrel in November 27, 2014 from $ 104/barrel at the end of August 2014 showing a decline of more than 30 percent and appreciated the initiative of government for passing on this benefit to the people by reducing POL prices in the country.
However, he stressed that government should announce proportionate cut in the power tariffs in order to give boost to business and industrial activities as electricity cost was the major factor for high production cost in the country.
He said due to high cost of doing business, Pakistani products were facing stiff competition in the international market and decent cut in production cost would facilitate enhancing manufacturing activities as well as improving exports of the country.
Munir said that government should also consider reducing up to 14 percent petroleum levy and 17 percent GST on oil products, which will cause hefty decrease in inflation and provide sufficient relief to the common man.
He also appreciated the government achievement for raising $1 billion from the successful launch of Sukuk bonds @ 6.75 percent profit rate and termed it a positive development as it would greatly help in reducing country’s debt burden and cost of annual debt-servicing.
It also reflects the confidence of international investors in the economic policies of the government. He was hopeful that such positive initiatives of the government would create conducive environment for the growth of business activities and would put the country on the path of sustainable economic growth.