Trade: (FPCCI appreciates govt decision to slash oil prices)

March 1, 2016 Off By Web Desk

ISLAMABAD: The President FPCCI Abdul Rauf Alam has appreciated the decision of the government to slash the petrol prices by Rs. 8.48 and stated that FPCCI has been emphasizing on reduction in oil prices which are regulated by the government in Pakistan.

In a statement on Wednesday, he said this decision will significantly improve the business activities across the country. He said this step has improved the competitiveness position of Pakistan in the region in terms of oil prices.

However, several other measures are still awaiting to improve overall business rating in Pakistan, he mentioned rationalization of tax rates, synchronization of energy prices with regional competitors and provision of effective subsidies to provide level playing field and more importantly payment of sale tax refunds are required measures to boost the economic growth, he indicated.

He drew the attention of the government about the decision of reduction of Rs.4.11 per unit in electricity tariff for all public sector distribution companies but he expressed serious concern over non-implementation of the same decision on K-Electric and consumers using below 300 units.

He said K-Electric is one of the biggest electric distribution companies in Pakistan and also supplying electricity to major industrial estates in Karachi like SITE, Korangi Industrial Area, Landhi Industrial States, Export Processing Zone, and in the surrounding areas like Nooriabad Industrial States etc.

He said Karachi is the hub of trade and industry in Pakistan and the industries and business enterprises in Karachi would be deprived from the recent reduction in electricity tariff by electricity supplying companies other than K-Electric.

Rauf Alam further indicated that overall improvement in business competitiveness and doing ease of business indicators is the outcome of economic policies, socio political condition and provision of level playing field to business sector on account of tax rates, cost of overheads, provision of physical infrastructure, monetary policy and facilitation by the public sector institutions.