KARACHI: Reacting to the latest fuel price hike, trade and industry leaders on Wednesday asked the government to pass on the relief of falling international energy prices coupled with rupee appreciation to the masses in the shape of a reduction in petrol and diesel rates.

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh said a drop in energy prices would curtail the cost of production and bring down commodity prices.

In a statement, he said the rupee has appreciated by 12 per cent against the US dollar since July 28 and is likely to strengthen further after the release of the IMF tranche.

Mr Iqbal explained that international oil prices have fallen to the pre-February levels when the Russia-Ukraine war started and pushed the international oil prices to $139.13 per barrel on March 7. Now, the oil price hit $90 per barrel and the relief must be transferred immediately and in full.

While expressing serious concern over the Rs6.72 per litre hike in petrol rate despite a falling trend on the international market, FPCCI former president Mian Anjum Nisar urged the government to announce a price cut in petroleum prices to provide relief to the masses.

He also stressed the need to keep the interest rate to a regionally competitive level.

He urged the federal government to reduce petrol and diesel prices without any delay.

Published in Dawn, August 18th, 2022

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