Karachi: Patron-in-Chief of the 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. The announcement was described as a beneficial move for both the public and the business community.

According to United Business Group, declining crude oil prices in the international market and a relative easing of economic pressures made the government’s decision feasible. Despite the reduction, UBG leaders indicated that there remains potential for further price adjustments in line with the larger decline in global oil markets. They expressed hope for additional consumer relief through further reductions in petroleum prices in the coming days.

SM Tanveer noted that the downward trend in international oil prices would directly impact Pakistan’s economy and its people by reducing daily transportation costs, particularly benefiting low- and middle-income groups. Reduced diesel prices are expected to lower expenses in freight transportation, public transport, and the agricultural sector.

Zubair Tufail stated that, given the current economic circumstances, the government’s substantial reduction in petrol and diesel prices is a commendable effort to provide public relief. He added that the move would ease the financial burden on citizens, lower business operating costs, and reduce inflationary pressure, thereby improving economic activity.

He further emphasized the importance of passing on the benefits of lower petroleum prices to the public through reduced transport fares and stable prices of essential commodities, stressing that such measures are crucial for stimulating economic growth, encouraging investment, and enhancing public welfare.

The UBG leaders expressed optimism that the government would continue to implement similar measures aimed at providing public relief and ensuring economic stability in the future.