LAHORE, March 5: A paper manufacturers association has announced a Rs1,500 per ton reduction in paper prices on the intervention of the Lahore Chamber of Commerce and Industry.

Announcing reduction after a meeting of the LCCI committee formed to resolve the issue, association representative Kamran Khan said prices would be reduced further in near future.

Chamber senior vice-president Sohail Lashari expressed his satisfaction over an amicable resolution of the dispute and hoped that the business community would continue sorting out its differences through negotiations.

All Pakistan Paper Merchants Association vice-chairman Khamas Saeed Butt had approached the committee for taking notice of unilateral increase of up to Rs15,000 per ton in prices by the mills during February, pointing out that it would result in 25 to 39 per cent increase in prices of books.