The traders have asked for a cut in petrol prices as per the international standards. They have regarded the recent reduction in petroleum prices as less sufficient.
The traders and the industrialists have asked the government for transferring the benefit completely to the people as per the reduction in the cost of petroleum products in the international market.
Ahmed Hassan Mughal—the President of Islamabad Chamber of Commerce and Industry (ICCI) maintained that during the span of last one year, the prices of crude oil had decreased by 29 percent, but the cut offered by the government was far less.
He said that the advantage of the petroleum products cost reduction in the international market should be completely given to the people so that more business opportunities could arise in the nation and people are able to manage their daily affairs with ease.
He mentioned that during 2019, the government has surged the price of petroleum products twice that is in the month of June and August.
Mughal said that the prices in the international market have decreased from $78 per barrel to $55 per barrel, which was equivalent to 29percent, however, the government just offered a nominal reduction, which added more to sufferings of people.
He termed the surge in the petroleum prices as a source of earning tax revenue and said that it was one of the major reasons for the surge in inflation.