ISLAMABAD: The Pakistan Industrial and Traders Associations Front (PIAF) chairman Irfan Iqbal Sheikh has lauded the government decision to reduce petrol prices by Rs.8.48 per liter and reduction of Rs.4.11 per unit in power tariff.

In a statement issued here on Saturday, he said that this decision would significantly escalate the trade and business activities across the country while the transport fares have already been cut due to decline in diesel prices. The PIAF had constantly been asking the government to provide cheap energy to industries by lowering the oil prices and now we are happy that authorities listened to the business community and announced significant cut in oil prices .

This decision validates traders’ demands. However, he also stressed the need for taking several other measures like reforms in taxation, lowering custom duties, a comprehensive trade policy and exploring non-conventional sectors to boost exports.

While appreciating the reduction of Rs.4.11 per unit in power tariff, he urged the government to devise a unified power tariff rate for all public sector distribution companies.

PIAF Chairman expressed the hope that the government will keep an active vigilance on early completion of all energy projects in time and there will be 100% uninterrupted supply of gas and power to industries as early as possible.

Irfan Iqbal Sheikh also urged the government to boost Small and Medium Enterprise (SME) sector, as the import of luxury goods is causing the local industry to suffer, besides increasing import bill. He said that both developing and developed countries have recognized the importance of SMEs that play an important role in the development of national economy.