MCCI terms modest cut in POL prices a joke

The business community on Wednesday termed the government decision to cut petrol prices by Rs 2 per litre merely eyewash and a joke with the inflation-hit nation. In a press statement issued by President of Multan Chamber of Commerce & Industry (MCCI) Anis A sheikh said that government should withdraw the recent massive increase in POL prices otherwise business community would be bound to agitate the government's anti-business policies.
He said that the recent hike in the POL prices were the most cruel and unjustified decision of the government. He said that it would not only cripple the trade and industry but would also squeeze the poor masses. He said that petroleum prices were already at the highest level and the recent increase would prove the last straw on the camel's back. The increase would hit all the sectors of the economy and would also jack up the inflation and resultant hike in mark up rates and disturb the entire economy.
He said that due to high cost of doing business in Pakistan, a large number of industrial units had already shifted their operation to other countries and recent decision would force more industrialists to follow the suit. The entire industrial sector was already facing multiple internal and external challenges and any new increase in POL prices would further aggravate the economic situation.
Pakistan agriculture sector is engine of growth. The increase in petroleum prices would increase the input cost of agriculture production as high-speed diesel is being used in tractors, tube-wells, harvesters, thrashers and other agriculture machinery. They rejected and termed the recent increase in petroleum prices an anti-industry step, which will have an adverse impact on the country's overall economy.
MCCI president urged the government to review its decision. He said since long the MCCI had been seeking the attention of the government functionaries towards the adoption of measures for promotion of alternate fuels as the trade deficit was fast widening due to heavy imports under the head of petroleum products.