Karachi: Zubair Tufail, President of the United Business Group, has called on the government to significantly reduce petrol and diesel prices, citing a 12% drop in global oil prices over the past ten days. The current price of crude oil stands at $61.99, a decrease from $72 two weeks ago.

In a statement, Tufail criticized the recent increase in the petroleum development levy (PDL) on petrol and diesel, which rose from Rs 60 to Rs 70 per liter. This hike was announced to benefit electricity consumers, with the government redirecting the additional levy to subsidize electricity costs.

However, this move is expected to generate an additional Rs 58 billion from oil consumers to support the reduced electricity prices. The government’s plan is to extend this relief to all power distribution companies, including K-Electric, for three months.

While Tufail acknowledged the positive impact of lower electricity prices, he emphasized the need for a corresponding reduction in domestic petrol prices to reflect the global market. He argued that lower fuel prices would curb inflation and decrease production costs for export industries.

Tufail reiterated his appeal for an immediate cut in petrol prices and urged the government to stop the additional levy collection. He expressed confidence that such measures would be well-received by the public and beneficial for the economy.