Irfan Iqbal Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has urged the caretaker government to reduce petroleum prices by Rs18-20 per litre due to the declining trend in global oil prices.
Despite ongoing conflicts and supply cuts announced by Saudi Arabia and Russia until December, international oil prices have dropped to $81.30 per barrel, indicating a bearish global oil demand outlook.
Sheikh emphasized that the government could address inflationary pressures by lowering petroleum prices and suggested establishing a mechanism, in consultation with the private sector, to oversee the prices of essential commodities amid their persistent downward trend globally.
