Daily Times

Lahore Chamber of Commerce and Industry (LCCI) lauds government’s decision to reduce petroleum product prices. The LCCI office-bearers anticipate a substantial decrease in interest rates and electricity costs in the near future.

LCCI President Kashif Anwar, Senior Vice President Zafar Mahmood Chaudhry, and Vice President Adnan Khalid Butt commended the considerable reduction in fuel prices, emphasizing its positive impact on trade, industry, and the general population. They also urge similar relief for essential commodities like flour, edible oil, rice, pulses, and spices.

The LCCI office-bearers acknowledged the government’s commitment to stabilizing the economy, evident by the massive cut in petroleum prices and a significant Rs. 28 drop in the inter-bank dollar rate within the past one and a half months. The inter-bank dollar rate, which was Rs. 305 on September 1, 2023, has fallen to Rs. 277 on October 13, 2023, they noted.

They anticipated that reduced fuel prices would lead to lower operating costs for businesses, thereby enabling Pakistani products to compete more effectively in the international market.

The LCCI office-bearers emphasized that this decision not only relieves the industrial sector but also paves the way for growth in the agriculture sector. They highlighted the significance of the agriculture sector as an engine of economic growth, with lower fuel prices reducing the input costs for agricultural production, which relies on high-speed diesel for tractors, tube-wells, harvesters, and other machinery.