The Rawalpindi Chamber of Commerce and Industry (RCCI) has asked the government to immediately pass on the benefit of falling crude and palm oil prices in the world market to the people. The Brent Crude was trading around $90 a barrel and the price of palm oil fell by more than 50% in the last two months, RCCI President Nadeem Rauf said in a statement.  The price of palm oil dropped from $2,000 per ton in April and now it is less than $1,000 per ton in September, he said, adding that the price of cooking oil is not reduced in Pakistan.

He said that the country’s current inflation rate is the highest ever. The Sensitive Price index (SPI) has reached 45%, while the annual inflation rate is close to 30%, he added. The purchasing power of the general public has been affected, which is slowing down the business activities, Nadeem Rauf said. The prices of petrol and diesel should be reduced to cut transportation costs, he said. The increased electricity and petroleum products prices would make Pakistani products uncompetitive in the international market by considerably increasing the production costs, he added.

Credit: Independent News Pakistan-WealthPk