Reduction in petroleum prices welcomed by public and business community, SM Tanveer

The government will continue taking similar steps in the future to support stability and provide relief to people

KARACHI: United Business Group (UBG) leaders SM Tanveer and Zubair Tufail on June 20 have welcomed Prime Minister Shehbaz Sharif decision to reduce petroleum product prices, calling it a positive step for the public and the business community.

They said the price cut is mainly possible due to a drop in global crude oil prices and some improvement in economic conditions.

However, they also believe that more relief is still possible if international oil prices keep falling, and they expect the government to pass on further benefits to consumers in the coming days.

SM Tanveer said that lower global oil prices will directly help Pakistan economy and its people. He explained that cheaper petrol will reduce daily travel costs, especially for low and middle-income groups.

He also added that lower diesel prices will cut transport expenses in goods delivery, public transport, and agriculture, which will benefit many sectors.

Zubair Tufail said that the government has made a good effort by reducing petrol and diesel prices under current economic pressures. He noted that this decision will reduce financial burden on people and also lower business costs. As a result, inflation pressure may ease and economic activity may improve.

He further said that the benefit of lower fuel prices should reach the public through cheaper transport fares and stable prices of essential goods.

He added that such steps can support economic growth, attract investment, and improve public welfare. The UBG leaders expressed hope that the government will continue taking similar steps in the future to support stability and provide relief to people.