KARACHI, Jan 16: President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Tanvir Ahmad Shaikh, has said that cut in petroleum prices would reduce the cost of production and give relief to the industry.

He, however, called for a further cut in prices especially of diesel which runs the wheels of the transport industry.

In a statement, he said availability of oil at low price will help industries to manufacture products at low cost, which is much required to face the stiff competition in the global markets.

The industry is already burdened with taxes and tariffs. This price decline would lead to low cost transportation thus curtailing the cost of doing business, he added.