Lahore Chamber of Commerce and Industry welcomes Rs 2.32 per unit decrease in electricity tariff and terms it a good news for industry which is a bulk user of electricity
Lahore, December 12, 2014 (PPI-OT): The Lahore Chamber of Commerce and Industry has welcomed rupees 2.32 per unit decrease in the electricity tariff and termed it a good news for the industry which is a bulk user of electricity.
In a statement issued here Friday, LCCI President Ijaz A Mumtaz said that the decision would help reduce pressures on manufacturing sector that it has been facing because of shortage of electricity and gas.
However, the LCCI President called for another cut in the prices of petroleum products keeping in view of decrease in oil prices in international market which are fast heading towards $ 50 per barrel.
He said that initiatives like reduction in electricity and POL prices would bring the economy back on rails and would also pave way for much needed Foreign Direct Investment (FDI). He said that electricity and Petroleum products were basic and important raw material for the industry and increases in past had ruined the industrial sector.
LCCI President said that due to high cost of doing business, Pakistani products were facing hard competition in the international market and a favorable cut in input cost would strengthen the manufacturing activities and will also improve exports of the country.
He said that more decrease in the POL prices would also be doing a big favor to the agriculture sector that is engine of growth. He said that low diesel prices would bring down the input cost of agriculture production as high speed diesel is being used in tractors, tube-wells, harvesters, thrashers and other agriculture machinery.
Ijaz A. Mumtaz hoped that positive initiatives of the government would create conducive environment for the growth of business activities and would put the country on the path of sustainable economic growth.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
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