Abdul Qayyum, President of Faisalabad Chamber of Commerce & Industry, has expressed deep concern over the increase in the oil prices by Ogra. He said that the textile sector is already on the verge of collapse due to energy crisis and high input cost.
In the present crisis period, increasing the fuel prices of petrol by Rs 4.37, diesel Rs 5.25 and kerosene oil by Rs 4.76 is not understandable. "Our economy is already under massive inflationary pressure, whereby hike in oil prices will not only increase the production cost but will also have a multiplier effect on other expenses."
He said that the government should curtail its lavish expenses and decrease the additional taxes on petroleum products wherein the petroleum development levy should be eliminated immediately. The Petroleum prices should be rationalised and decreased immediately if the government of Pakistan and Ministry of Textile Industry is serious in providing relief to the textile sector in particular and industrial sector in general.
The FCCI president said that the textile sector is in recession due to multiplicity of problems, wherein the government decision of increase in electricity and gas prices had already jeopardised the existence of the industry. It is pertinent to mention that the closure of industry like power loom sector specially would result in unemployment of millions of workers, which will create law and order situation. The FCCI president appealed to Prime Minister Yousaf Raza Gilani, Minister of Petroleum Naveed Qamar and Minister of Textile Industry Farooq Saeed to take this matter seriously for the sake of revival and betterment of textile sector.
Comments
Comments are closed.