RCCI demands reduction in POL and cooking oil prices


DNA

Rawalpindi: The Rawalpindi Chamber of Commerce and Industry (RCCI) has demanded from the government that the benefits of falling crude oil and palm oil prices in the global market be immediately passed on to the common man .

RCCI Chairman Nadeem Rauf said in a statement that Brent Crude is trading around ninety dollars a barrel and the price of palm oil has fallen by more than fifty percent over the past few years. last two months, the price of palm oil rising by two thousand dollars per ton. in April and now it’s below a thousand dollars a ton in September. However, the price of cooking oil is not falling in Pakistan, he added.

Nadeem Rauf demanded that the inflation rate in Pakistan is currently at the highest level in history, the Sensitive Price Index (SPI) has reached 45% while the annual inflation rate is close to 30%.

The purchasing power of the common man has been affected, due to which business activities are slowing down, he said. The price advantage should be immediately passed on to the public and relief should be given, he demanded.

The price of petrol and diesel should be reduced to reduce transport costs, he said. He said rising prices for electricity and petroleum products will make Pakistani products uncompetitive in the international market as production costs have risen dramatically.

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