Thursday, December 8

Trade: (ICCI protests against hike in prices of petroleum products)

ISLAMABAD:The Islamabad Chamber of Commerce and Industry (ICCI) has strongly protested against the second consecutive increase in the prices of petroleum products by the caretaker government in its short tenure.

It termed it an unfortunate decision saying it would unleash a new wave of inflation for the common man and badly affect the growth of business activities. It called for urgent withdrawal of the recent hike in POL prices in order to save the general public and the economy from further troubles.

Sheikh Amir Waheed, ICCI President, said the caretaker government on 11th June 2018 had hiked the price of petrol by Rs.4.26 per litre, diesel by Rs.6.55 and kerosene by Rs.4.46 per litre while from 1st July 2018, it has again increased the price of petrol by Rs.7.54 per litre, diesel by Rs.14 and kerosene oil by Rs.3.36 per litre.

Thus the caretaker government has so far made a cumulative increase of Rs.11.80 per litre in petrol price, Rs.20.55 in diesel and Rs.7.82 per litre in kerosene oil price which is unjustified as it would add to the miseries of the common man and put negative impact on trade and industry.

He said in Pakistan major chunk of electricity was produced through furnace oil which has significantly increased the cost of production making our exports uncompetitive in the international market.

He said our exports have been struggling for the last many years while the twice increase in the price of petroleum products in a short span of time would make our exportable products more uncompetitive in international market leading to further slump in exports and economic growth.

Therefore, he called upon the government to revise its decision and withdraw the recent hike in POL prices to save the country from further difficulties. He said the caretaker government should focus on successful holding of elections and leave the major policy decisions to the next elected government.