LAHORE - The business community has hailed reduction in the prices of petroleum products, showing hope that the benefit of oil prices cut would also be passed on to the consumers. They also urged the government to take measures for improving law and order, which was adversely affecting the national economy.

Pakistan Sugar Mills Association Punjab chairman Javed Kayani said that decline in POL prices would have a very positive impact and spur economic activity. He said that cost of sugar transportation will also be reduced up to 10 paisas per kg, which will be passed on to the consumers of this country. He also appreciated the concern of Punjab Chief Minister to pass on the benefit of reduction in POL prices to general public, assuring the authorities to support them in all efforts against inflation.

LCCI former vice president Kashif Anwar also welcomed the government decision of lowering prices of petroleum, saying that it would produce positive effect on the country’s economy and help ease common man’s life.

He said that industry is facing high cost of operation making them uncompetitive in regional and international markets. Owing to high cost of production and transportation to the retail level, the general public is poised to pay higher prices and their affordability has been badly affected. Kashif Anwar said that cut in POL prices would correct the situation and provide relief to the common man if the government agencies rightly pursue and monitor the mechanism. He appealed to transporters to cut their fares to pass on relief to the commuters.

He demanded of the government to also take steps for overcoming the power crisis as it has become impossible for the industrialists to meet the export targets.

Lahore Chamber of Commerce & Industry president Ijaz Mumtaz welcomed the government decision of reducing petroleum prices but also raised concern over recent tragic incident at Wagah Border Lahore, which has proved that menace of terrorism is still alive and should be tackled with collective approach.

He urged the Prime Minister Mian Nawaz Sharif to convene a roundtable of political parties and business leaders to prepare a strategy to weed out the menace of terrorism from the country.

All Pakistan Cement Manufacturers Association former chairman Aizaz Mansoor Sheikh said that reduction in petroleum prices would provide relief to industry. He said survival of a country depends on sound economy, which needs peaceful atmosphere, better law and order and business friendly environment. He urged the political parties to accord top priority to peaceful atmosphere in the country, which was a pre-requisite for sustainable economic growth. While calling for a sustained and well-coordinated action to cope with terrorism, he said that security and operations of business and industry are directly inter linked with each other.