Federal Minister for Commerce Syed Naveed Qamar warned car dealers Thursday of stern action if imported vehicle costs do not drop after regulatory duty is removed.

The minister told Islamabad media that the luxury goods regulatory duty ceased on March 31 and urged car dealers to lower import costs.

The minister added that the IMF will finalise the staff-level agreement (SLA) before the budget.

After the staff-level agreement, LCs can be opened. Export-oriented industries will have easy access to raw materials after LCs reopen.

The deadline for regulatory charges and extra customs duties (ACDs) on over 600 luxury and non-essential items ended on March 31.