ISLAMABAD, April 15: Utility Stores Corporation on Monday announced five to 10 per cent reduction in prices of some 700 items of daily use in what was described as an effort to provide some relief to the consumers.

Speaking at a news conference, USC Managing Director Hafeez Ahmed said though the reduction in prices coincided with the referendum, it was not done under instructions from the government but as part of the corporation’s policy. He claimed that a similar relief was provided by the corporation last year.

Referring to a news report about closing down of 180 utility stores, the MD said the policy was not to close down any of the stores but to relocate some of them to make them more viable.

The corporation, he said, would not seek subsidy from the government to meet the deficit caused by the relief. It would manage it by getting items at reduced prices from various firms.

He said the reduction in prices was also a tool of stabilizing the market.

The reduction of prices on essential items like sugar, flour, rice, soaps and pulses would take effect from April 20.

He said 84 employees, including managers, of the corporation had been dismissed during the current year on charges of corruption and indiscipline. The measures against mismanagement had helped increase the sales by 40 per cent this year, the MD claimed.