Patron-in-Chief of United Business Group (UBG), SM Tanveer, and President Zubair Tufail have welcomed Prime Minister Shehbaz Sharif’s announcement of a significant reduction in petroleum product prices, describing it as a positive development for both the public and the business community.
The UBG leaders stated that the government’s decision was made possible by declining crude oil prices in international markets and a relative easing of economic pressures. However, they noted that despite the reduction, there is still room for further price adjustments in line with the larger decline witnessed in global oil markets. They expressed hope that additional relief would be provided to consumers through further reductions in petroleum prices in the coming days.
SM Tanveer said that the downward trend in international oil prices would have a direct and positive impact on Pakistan’s economy and its people. According to him, lower petrol prices would reduce daily transportation costs, particularly benefiting low- and middle-income groups. In contrast, lower diesel prices would reduce costs in freight transportation, public transport, and the agricultural sector.
Zubair Tufail stated that, under the prevailing economic circumstances, the government had made a commendable effort to provide relief to the public by substantially reducing petrol and diesel prices. He added that the move would not only ease the financial burden on citizens but also lower business operating costs, thereby reducing inflationary pressure and improving economic activity.
He further emphasized that the benefits of lower petroleum prices should be passed on to the public through reduced transport fares and stable prices for essential commodities. He stressed that such measures play a vital role in stimulating economic growth, encouraging investment, and enhancing public welfare.
The UBG leaders expressed optimism that the government would continue to implement similar effective measures to provide public relief and ensure economic stability in the future.
