LCCI rejects Rs 5 per litre reduction in POL prices

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KARACHI: The Lasbela Chamber of Commerce and Industry (LCCI) has rejected the government’s decision to reduce an insignificant amount on Rs 5 on POL prices per litre on Monday.

In a statement issued, LCCI President Maqsood Ismail said that the business community besides the entire nation was expecting at least a cut of Rs 20 per litre as the petroleum prices in the international market have gone down to the record level and trail below the mark of $27 per barrel.

“This is the lowest ever price in the last 13 years and its benefits should be brought in the local market as well,” Ismail said. The former LCCI president Yaqoob Karim also demanded the government to reduce the price of petrol by at least Rs 20 per litre if not possible to bring it at par with $27 per barrel prevailing in the international market.

He said all the nations in the world are enjoying the lowest ever prices of POL but Pakistani consumers are compelled to buy the most expensive petrol. He particularly mentioned that due to expensive fuel, all industrial inputs have become expensive and the local exporters are unable to compete with their competitors in China, Vietnam, Sri Lanka and even India, which is capturing Pakistan’s share in the export market.

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