Federation of Pakistan Chamber Of Commerce and Industries has slammed the recent hike in the prices of petroleum products and called upon the government to withdraw its decision as it increasing the prices of Petroleum products twice in a short span of time would unleash a new wave of inflation in the country.
Islamabad, (Pakistan Point News - 01st Mar, 2018) Federation of Pakistan Chamber Of Commerce and Industries has slammed the recent hike in the prices of petroleum products and called upon the government to withdraw its decision as it increasing the prices of Petroleum products twice in a short span of time would unleash a new wave of inflation in the country. It would put more burdens on the common man and badly affect the growth of trade and industrial activities.
Ghazanfar Bilour , President Federation Of Pakistan Chamber Of Commerce and Industries with meeting of Islamabad chamber, Rawalpindi chamber, Gujranwala Chamber, Gujarat Chamber Members said that instead of hiking POL prices, government should focus on reducing taxes and duties on POL products and control non-developmental expenditures. Government should reduce high taxes and charges on POL products instead of increasing their prices. It was a wise approach save the business community and the general public from further problems.
He said the recent hike in POL prices would further enhance the cost of doing business as manufacturing, movement of raw materials and trading goods will become costly. He said the industrial sector will be the immediate victim of the hike in POL prices as it was one of the major raw materials for industries. He said the move would also reduce the competitiveness of Pakistani goods in the international market and foil the government`s efforts for revival of exports.
He added that the economy of Pakistan was already facing many challenges due to rising trade and current account deficits, falling exports and heavy cost of debt servicing. In this scenario, increasing prices of POL products twice after a short gap would create more difficulties for the economy. Government should immediately withdraw the recent hike in POL prices and avoid taking such measures, because making repeated increases in POL prices would put unnecessary burden on the already hard pressed general public and hit the growth of trade and industrial activities. Government should focus on reducing taxes and duties on POL products and control non-developmental expenditures.
