ISLAMABAD: A monitoring committee for automobile industry has directed investigation into massive increase in prices of motor cars in Pakistan during past few months.
The meeting of monitoring committee for automobile industry met under the chairmanship of Federal Secretary for Industries and Production, Jawad Malik this afternoon.
Meeting was attended by representatives from automakers, Pakistan association of automotive parts and accessories manufacturer (PAAPAM), Engineering Development Board(EDB), Federal Board of Revenue (FBR), State Bank of Pakistan (SBP), Competition Commission of Pakistan (CCP) and Ministry of Science & Technology.
The forum sought factors and justification for recent price hike in different models of cars across the board.
The meeting was told that recent price hike is due to Dollar Rate (USD to PKR), increase in freight charges and raw materials including operational cost.
The industry also provided details on causes of late delivery, CDK imports and production capacity.
The monitoring committee expressed concerns over massive price hike in past 5-6 months and safety features in automobiles.
After due deliberations, the Chair directed to carry out forensic analysis of car prices in comparison with factors indicated by the industry as a reason for price change through independent professional expertise.
The secretary instructed to complete the forensic analysis within two weeks.
The chair also asked the automotive industry to provide localisation plan with time frame as well as safety features compliance report to the ministry.