LAHORE, APR 27 /DNA/ – The Ferozepur Road Industrial Association (FRIA) Chairman Shahbaz Aslam has strongly urged the government to pass on the benefits of the recent international oil price cuts to local consumers, stressing that the government has failed to do so for the last two consecutive price revisions.
Shahbaz Aslam expressed his concerns regarding the discrepancy between global oil price reductions and the prices at which petroleum products are being sold in Pakistan. Despite a significant decrease in international oil prices, the government has not adjusted domestic prices accordingly, which has placed an additional financial burden on businesses and consumers alike.
“Global oil prices have decreased substantially in recent weeks, but local consumers have not felt the benefits of these price cuts. The government’s failure to adjust domestic oil prices accordingly is causing unnecessary strain on businesses, especially in the manufacturing and industrial sectors,” said Shahbaz Aslam.
He highlighted that the rising cost of energy, including fuel, has been one of the key factors contributing to increased production costs in industries across Pakistan. This, in turn, affects the prices of goods and services, making local products less competitive in the global market. The FRIA Chairman emphasized that if the government were to pass on the benefits of the oil price cuts, it would help lower production costs, boost industrial output, and improve the overall business environment.
“The government must act in the best interest of the public and the business community by passing on these savings from oil price reductions to local consumers. Doing so will not only ease the financial burden on families and businesses but also enhance Pakistan’s competitiveness in international markets,” added Aslam.
The FRIA Chairman also pointed out that businesses are already facing numerous challenges, including rising energy costs, inflation, and unpredictable supply chains. The failure to adjust domestic oil prices in line with global trends exacerbates these issues and further hampers economic recovery and growth.
He urged the government to take immediate action by revising fuel prices in accordance with the global oil market, ensuring that the benefits of price reductions are directly passed on to consumers. He also called for transparent pricing mechanisms that reflect international market conditions and help foster an environment of trust between the government, businesses, and consumers.
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