Mr. Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (), has welcomed the federal government’s recent decision to slash high-speed diesel (HSD) prices by a massive Rs 134.81 per litre. The had strongly rejected an earlier disastrous increase on April 2.
The apex trade body termed this steep reduction, which brings the HSD rate down from a crippling Rs 520.35 to Rs 385.54 per litre, as a much-needed breather for trade, industry and the general public alike.
Chief also commended the Rs 11.83 per litre reduction in petrol prices (now at Rs 366.58). He maintained that advocates further temporary reduction or suspension of Petroleum Development Levy (PDL) on petrol price until regional oil markets stabilize.
Mr. Atif Ikram Sheikh appreciated the government’s move, highlighting its positive ripple effect on the macroeconomy and the survival of Pakistan’s export-oriented sectors. When HSD crossed the Rs 520 mark, it threatened to stall our textile and manufacturing engines. Diesel is the backbone of our economy; directly fueling our transport; agriculture and manufacturing sectors.
Mr. Atif Ikram Sheikh explained that the relief will significantly reduce the exorbitant cost of doing business – potentially lowering production overheads by 5 – 10% for key industries and making our exports more competitive in the international market. He urged the government to maintain this momentum and cascade further global oil price benefits to the domestic industry as soon as possible.
Mr. Saquib Fayyaz Magoon, SVP , pointed out the immediate financial relief it provides to Small and Medium Enterprises (SMEs) – and, the national logistics infrastructure as a whole.
Mr. Abdul Mohaim Khan, VP & Regional Chairman Sindh, emphasized the specific benefits for the province’s economic landscape – particularly for the agriculture and heavy local manufacturing sectors.
Brig Iftikhar Opel, SI (M), Retd Secretary General