ISLAMABAD: The capital’s business community has called on the government to make sufficient cuts in oil prices, and pass on the benefits of reduced oil rates in the international market to consumers.

The demand was made during a meeting of the Islamabad Chamber of Commerce and Industry (ICCI) on Saturday.

ICCI president Atif Ikram Sheikh said that crude oil prices in the international market has fallen to $41.71 per barrel, and the government should make proportionate cuts to the domestic prices of POL products, to bring relief to the public.

He said Pakistan’s reliance on furnace oil for power generation has made power tariffs in Pakistan – for industry and consumers – one of the highest in the region. He said it was the right time for the government to make a decent reduction in petroleum prices, which will lead to lower manufacturing costs and facilitate the growth of business activities.

The council members lambasted the government for imposing heavy taxes on POL products, which they said has increased the cost of doing business in the country manifold, and is causing problems for citizens.

Published in Dawn, November 29th, 2015