President Faisalabad Chamber of Commerce & Industry (FCCI) Farooq Yousaf Sheikh welcomed the government’s recent reduction in petroleum product prices, calling it a positive and timely step for industry, trade and the public.
In a statement here on Saturday, he said that the reduction in petroleum prices would not only lower business costs but also reduce transportation costs for essential goods, which would help contain inflationary pressures. He hoped that this decision would have positive effects on industrial output, exports and overall economic activity.
Farooq Yousaf Sheikh praised Prime Minister Mian Muhammad Shehbaz Sharif for his efforts to provide economic stability and relief to the business community, saying that under the Prime Minister’s leadership, the government is taking serious measures to restore the economy and improve the business environment.
He said that, given the current economic conditions, such steps by the government will boost the confidence of industrialists and traders and further promote economic activity. Farooq Yousaf Sheikh urged the government to significantly reduce electricity prices for industrial, commercial and domestic consumers, to rationalize surcharges and eliminate unnecessary financial burdens. Pakistan’s export industry is currently facing intense regional competition, and that cheaper electricity and fuel are essential to enhance the competitiveness of domestic industry in global markets, he added.