On Monday, Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said masses are not getting the benefit of reduced oil prices in the international market.

He said that there should be a mechanism to transfer the benefit of receded prices to the consumers and industrial sector without delay.

Mian Zahid Hussain said that oil prices are at the lowest in the last three months due to a strong dollar and resurgence of coronavirus.

Talking to the business community, the veteran business leader said that China, the largest crude importer, has introduced a zero-tolerance policy for coronavirus. In contrast, many countries have reintroduced travel restrictions that have reduced the oil demand.

The dollar is at its highest during the last nine months reducing oil price by five dollars in seven days, but masses here are yet to get any benefit, he said.

The business leader said that the shale oil production in the US has increased to fifteen months high while OPEC has also decided to boost production by every month, which will also hit the oil prices.

The increased popularity of electric vehicles have also dented oil sales; therefore, there is no chance of a substantial hike in oil prices, but the chances of reduction are bright, he observed.

He noted that the government reviews oil prices fortnightly. Still, other countries are examining it daily, after three days or weekly, and prices are announced after considering the exchange rate and other expenses.

The government should consider streamlining the oil prices mechanism, he demanded.