Lahore, The Lahore Chamber of Commerce and Industry (LCCI) has expressed approval of the government’s significant cut in petroleum product prices. Leaders of the LCCI anticipate that this move will pave the way for reduced interest rates and electricity costs in the upcoming days.
According to a news release by Lahore Chamber of Commerce and Industry, the chamber’s top brass, including President Kashif Anwar, Senior Vice President Zafar Mahmood Chaudhry, and Vice President Adnan Khalid Butt, shed light on the favourable repercussions this reduction will have on trade, industry, and the populace at large. They are also advocating for cost reductions in basic necessities like flour, edible oil, and pulses, among others.
The LCCI representatives acknowledge the government’s dedication to economic equilibrium, as seen from the profound reduction in petroleum prices and a noteworthy decrease of Rs. 28 in the interbank dollar rate over a span of just 45 days. They pointed out the decline of the interbank dollar rate from Rs. 305 on September 1, 2023, to Rs. 277 by October 13, 2023.
The chamber’s leadership credits the country’s economic strides to Chief of Army Staff General Syed Asim Munir and the interim administration, both of whom have been instrumental in the economy’s rejuvenation.
Further elaborating, the LCCI office-bearers predict that the fuel price cut will lead to diminished business operational costs. This, in turn, will render Pakistani products more competitive on a global scale.
They stress that the industrial sector will greatly benefit from the price cuts, but it’s the agriculture sector that stands to gain immensely. With fuel prices dropping, the cost of operating tractors, tube-wells, and other machinery – crucial for agricultural output will also see a decline. This will further empower the agricultural sector, a cornerstone of the nation’s economic growth.
In the wake of reduced petroleum prices, the LCCI office-bearers are now urging the government to similarly reduce electricity tariffs, especially given that a significant portion of the nation’s power is generated thermally. A simultaneous reduction in both fuel and electricity costs could mark a transformative period for businesses, especially when they are navigating a landscape marred by elevated operating costs.
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