Korangi Association of Trade and Industry (Kati) former chairman Sheikh Manzar Alam has urged the government to make a considerable cut in the prices of petroleum products to pass on its benefits to the business community and the general public. He said that the price of crude oil had come down to around $25 to $30 per barrel in the international market, but the policy makers were reluctant to pass it on to the masses, which was a sheer injustice.

He said that as per the government's own price mechanism, there should be an immediate reduction in the prices of not only the POL products but also in the electricity tariff, and transport fares. However, he regretted that the high ups were reluctant to reduce the prices. Alam said that world oil prices had been constantly falling for the last few years, but the government was reluctant to give relief to the consumers with the same ratio.

He said that the country was facing serious economic crises and the prices of essential goods were on the rise, therefore the government must pass on the benefits of reduction in oil prices to the masses. Alam said that the government as per its claim of being business and investment friendly should reduce the POL products prices honestly.

Copyright Business Recorder, 2016