KARACHI: Ghee, cooking oil and steel prices are likely to be slashed in a couple of days because of the considerable reduction in the petroleum prices by the Federal Government.
This was stated by Atif Ikram Shaikh, the chairman of the Pakistan Vanaspati Manufacturers Association and Managing Director Mujahid Steel Re-rolling Industry.
Talking to APP here on Thursday, Atif Ikraam Shaikh lauded the recent cut in petroleum prices and termed it a positive step.
He said that meetings are under way with cooking oil and steel industries’ representatives, and added that Rs. 2,000/metric tonnes reduction in steel prices and one rupee per kilogram in cooking oil prices is expected in a couple of days.
Saarc Chamber of Commerce and Industry’s Senior Vice Chairman Iftikhar Malik appreciated the government’s decision to slash petroleum prices, which, he said, would help control inflation and benefit the poor.
While Maqbool Enterprise Chairman and Islamabad Chamber of Commerce President Zahid Maqbool Malik said fall in petroleum prices widely affects prices of commodities, as the decline in the rates of oil, sugar, fruits and vegetables has been witnessed. He said that with the reduction in transport fares, the other things will become cheaper.
He said that the people who have their own conveyance, especially motorcyclists, directly benefitted from cut in petroleum prices.