Friday, December 9
Shadow

POL price hike termed anti-economy act

KARACHI: Lasbela Chamber of Commerce and Industry (LCCI) on Tuesday strongly condemned the government’s decision to increase the prices of POL and termed it anti-people and anti-economy move.

LCCI President Yakoob Karim said in a statement that another hike in POL prices would result in another wave of price hike that would further weaken the economy and the tarnish the reputation of the present regime. He demanded of Prime Minister Shahid Khaqan Abbasi to immediately withdraw the increase in the rates of POL (petroleum, oil and lubricants) prices as the current economic condition did not allow for such measures.

He said that the industry was already under immense pressure to turn the wheel and keep up the production while the government was making such decisions without any justification. He said that increase in POL price had sharply affected the cost of every commodity and raw material, especially the export oriented industry had become unable to meet its commitments abroad due to increased overheads.

He further said that POL price increase would also affect the country’s agriculture sector, besides increasing the input cost of agriculture production as high speed diesel was being used in tractors, tube-wells, harvesters, and other agriculture machinery, while the cost of thermal power generation by captive power plants would also go up.