Karachi witnessed a significant reduction in high-speed diesel prices following the federal government’s decision to slash Rs 134.81 per litre. The Federation of Pakistan Chambers of Commerce and Industry () President, Atif Ikram Sheikh, welcomed this move, which he termed a much-needed breather for trade, industry, and the general public.
The apex trade body also commended the reduction in petrol prices by Rs 11.83 per litre to Rs 366.58, providing supplementary relief across the supply chain. However, advocates further temporary reduction or suspension of Petroleum Development Levy (PDL) on petrol price until regional oil markets stabilize.
Atif Ikram Sheikh appreciated the government’s move, highlighting its positive ripple effect on the macroeconomy and survival of Pakistan’s export-oriented sectors. He noted that diesel is crucial for transport, agriculture, and manufacturing sectors, directly fueling our economy.
The relief will significantly reduce the exorbitant cost of doing business, potentially lowering production overheads by 5-10% for key industries and making exports more competitive in the international market. urges the government to maintain this momentum and cascade further global oil price benefits to the domestic industry as soon as possible.
SVP , Saquib Fayyaz Magoon, pointed out immediate financial relief it provides to Small and Medium Enterprises (SMEs) and national logistics infrastructure. He noted that transport fares have spiked by up to 60% during the fuel crisis, with diesel reduction necessitating a necessary correction in transportation costs for raw materials and finished goods.
VP & Regional Chairman Sindh, Abdul Mohaim Khan, emphasized specific benefits for Sindh’s economic landscape, particularly agriculture and heavy local manufacturing sectors. He noted that the previous fuel shock made crop sowing unviable and threatened massive losses ahead of harvest season. The diesel reduction will lower operational costs for farmers using diesel-powered tractors and irrigation pumps and industries relying on heavy logistics from Karachi ports.
Secretary General Brig Iftikhar Opel, SI (M), Retd., concluded the statement.