SITE Industries Applaud Reduction in Petroleum Prices

SITE Industries Applaud Reduction in Petroleum Prices

KARACHI: Muhammad Kamran Arbi, President of the SITE Association of Industry, has expressed his appreciation for the significant reduction in petrol and diesel prices by the government, heralding it as a positive step towards alleviating economic burdens on industries and the common populace.

Arbi highlighted the importance of reducing electricity and gas tariffs in conjunction with the decrease in petroleum prices to address the prevailing economic crisis. He emphasized that such measures would not only benefit industries but also stimulate economic growth on a national scale.

The SITE President commended the government’s decision to lower petroleum prices, attributing it to the recent decline in international oil prices. He asserted that this move would contribute to curbing inflationary pressures and provide relief to the general public.

However, Arbi stressed the necessity of implementing an effective price control mechanism to ensure the availability of essential goods at government-fixed prices, thereby extending relief to the lower-income segments of society.

Furthermore, the SITE President underscored the mounting challenges faced by industries due to escalating production costs resulting from increased power and gas tariffs. He emphasized the need for the government to create an industry-friendly environment by offering relief measures to facilitate economic activities and foster industrial growth.

Arbi emphasized the pivotal role of industrial progress in driving overall economic prosperity, job creation, and promoting exports. He emphasized that sustaining industrial operations is paramount for national development and urged the government to prioritize policies that support the industrial sector.

In line with this, SITE President called upon the government to implement measures to reduce power and gas tariffs, thereby reducing production costs for industries and enhancing the competitiveness of local exporters in international markets.

The reduction in petroleum prices has been met with widespread approval from industry stakeholders, who view it as a positive development that will stimulate economic activity and ease financial burdens on businesses and consumers alike.

As discussions around economic reforms and measures to stimulate growth continue, stakeholders look to the government for further initiatives aimed at fostering a conducive environment for industrial development and overall economic prosperity.