HCCI Urged The Government To Come Up With Sound Economic Planning

President Hyderabad Chamber of Commerce and Industry (HCCI) Adeel Siddiqui Thursday urged the government to come up with the sound economic planning so that the people could get maximum relief from such effective strategies

HYDERABAD, (UrduPoint / Pakistan Point News - 4th Aug, 2022 ) :President Hyderabad Chamber of Commerce and Industry (HCCI) Adeel Siddiqui Thursday urged the government to come up with the sound economic planning so that the people could get maximum relief from such effective strategies.

The appreciation in Pakistani's rupee and drop in oil prices bode well for economy, he said adding that it would certainly stabilize Pakistan's economy.

In a statement issued here , he said crude oil's price was at lowest in last six months, dropping from $100 per barrel to $92.

He said that Pakistani rupee's gain against Dollar was a positive sign for Pakistani economy and according to prevailing circumstance, the drop in fuel price in Pakistan could be expected.

The HCCI President said that a reduction of 3 million barrel per day in oil production by Organization of Petroleum Exporting Countries (OPEC) is being noted ever-since pandemic affected the world.

He said that price hike's trend was highest in 40 years in US.

If global reception in international market and slowdown in growth of economies of US and China continued then crude oil's price would drop to $60 to $65 per barrel which is positive for our country, he said. But, he said the oil price would again shoot up to $100 per barrel if Russia should not slow its oil production.

He said the Pakistan government should devise a policy in line with declining oil price trend while enriching its oil reserves. He said impact of this situation should be passed on to masses in shape of inexpensive electricity production, reduction in prices of petrol and edibles.

He anticipated drop in freight charges as well which would help improve exports. He said raise in oil prices internationally had increased oil import bill of Pakistan which had led to price hike crisis, affecting industrial and trade activities.