Farooq Yousaf Sheikh, President of the Faisalabad Chamber of Commerce & Industry (FCCI), has welcomed the reduction in petroleum product prices, describing it as a positive and timely step for industry, trade, and the public. In a statement issued on Saturday, he said that the reduction would not only lower business costs but also reduce transportation costs for essential goods, which would help contain inflationary pressures.
Expected Economic Impact
Sheikh expressed hope that this decision would have positive effects on industrial output, exports, and overall economic activity. He praised Prime Minister Mian Muhammad Shehbaz Sharif for his efforts to provide economic stability and relief to the business community, stating that under the Prime Minister’s leadership, the government is taking serious measures to restore the economy and improve the business environment.
Given the current economic conditions, Sheikh noted that such steps by the government will boost the confidence of industrialists and traders and further promote economic activity.
Call for Electricity Price Reduction
Farooq Yousaf Sheikh urged the government to significantly reduce electricity prices for industrial, commercial, and domestic consumers, rationalize surcharges, and eliminate unnecessary financial burdens. He emphasized that Pakistan’s export industry is facing intense regional competition, and cheaper electricity and fuel are essential to enhance the competitiveness of domestic industry in global markets.
