KARACHI: Industry leaders have sought a substantive cut in petroleum prices in line with historic low crude on the world market.

Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) Chairman Shaikh Mohammad Shafiq said on Wednesday that the government should cut petroleum prices by Rs20 per litre as international crude was hovering around $31 per barrel.

He said that the government should also take measures for arresting declining trend in exports and solving problems confronted by the industry.

He deplored that the Rs3 per unit cut in electricity tariff announced by the prime minister for industry had not been implemented yet.

Lasbela Chamber of Commerce and Industry President Maqsood Ismail said that global crude prices were constantly falling but the government remained reluctant to pass on the relief to masses.

“There should have been immediate reduction in prices of not only petroleum products but also electricity and transport fares including trains and airlines,” he asserted.

He termed the increase in sales tax on fuel as unjustified. “Industries are closing down due to unbearable cost of production and energy crisis,” Ismail warned.

He asked the government to bring down the petrol prices to Rs40 per litre.

Published in Dawn, January 14th, 2016