LAHORE – The Lahore Chamber of Commerce & Industry urges the government to take full advantage of the lowest oil prices on the international market and make maximum purchases according to its storage capacity.
In a statement issued on Tuesday, LCCI President Irfan Iqbal Sheikh said that oil prices on the international market had fallen while prices on the US market had become negative. must make purchases in accordance with storage capacity and also provide benefits to trade, industry and the masses.
He said that the government was taking commendable steps to deal with corona while measures such as markup reduction would also support the industrial sector but there was still much work to be done.
He said that reducing POL prices would certainly reduce the cost of doing business and Pakistani products would get their share in the international market. He said that Pakistan’s agricultural sector is an engine of growth.
A fall in the price of petroleum will reduce the input costs of agricultural production because high-speed diesel is used in tractors, tube wells, harvesters, thrasher, and other agricultural machines.
He said that the government would also be able to reduce the cost of electricity generation.
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