The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) strongly rejected the decision of Oil and Gas Regulatory Authority (Ogra) of increasing the prices of petroleum products.
FPCCI President Senator Haji Ghulam Ali, former presidents Tariq Sayeed, S. M. Muneer, vice presidents Dawood Usman Jhakurra, Khalid Tawab, Shaikh Shakeel Ahmed Dhengra, former vice president Zubair Tufail and Mian Zahid Hussain former chairman Kati said the industry was undergoing the ordeal of poor exports, high cost of business, militancy and political and economic instability. In such a critical situation the proposed increase in prices of petroleum products would prove to be a very unpopular decision.
Senator Ghulam Ali said that such harsh decision without consultation and consent of stakeholder might result in widespread discontentment in the business community.
The closure of industry, due to detrimental affect of high cost of production, due to higher utility tariffs would lead to flight of capital, massive unemployment and decline in the revenue of government, he stated.
S. M. Muneer rejected the decision and said it would be impossible to provide locally manufactured goods in domestic markets at affordable rates and Pakistan would lose competitive edge in the export market after the proposed hike in petroleum, gas and electricity rates was implemented.
Dawood Usman Jhakurra said the increase in petroleum products charges would ultimately escalate the cost of production of the industrial sector, which would have a bad impact on overall economy and particularly on the large scale manufacturing (LSM) sector.
Khalid Tawab said it was quite infamous decision of the government who would earn and gain billions in return of this decision which was injustice and exploitation of common men.-PR
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