KARACHI: MG Motors on Tuesday reduced the price of locally assembled MG HS Essence by Rs600,000 to Rs8.099 million, citing a rising rupee against the dollar.

“Passing on the forex benefit to the consumers is the logical direction for all businesses, including the automotive industry,” General Manager Marketing Asif Ahmed said.

He said Essence was launched in December 2022 at Rs6.8m. Its price reached Rs7.7m by January and further to Rs8.2m in February due to the rupee’s devaluation. The price further surged to Rs8.7m after the rise in general sales tax (GST) to 25pc from 18pc.

Meanwhile, Lotte Chemical Pakistan Ltd (LCPL) announced, through a stock filing, that its plant operations would remain suspended from Oct 18-19 due to lower downstream demand.

Published in Dawn, October 18th, 2023