Pakistan Sugar Mills Association (PSMA) Chairman Chaudhry Zaka Ashraf has said that rise in international oil prices would have negative impact on the national economy, particularly the consumer items.
In a statement issued here on Wednesday, Zaka said that initiative of alternative fuel by producing fuel grade ethanol out of sugar industry residues molasses was a highly commendable step on part of President General Pervez Musharraf, but the hidden lobby of oil companies has become active to put it off track by all possible means.
He said President Musharraf had approved the production of fuel ethanol and blending it with gasoline in January 2005 and had directed the Industries and Production Ministry to implement it. As per the approval, it was mandatory for the oil companies to mix 5 percent fuel ethanol with gasoline as a first step.
As this would reduce the country's import bill on oil, besides helping the country to overcome environment/pollution problem, but all in vain, as the vested interests from oil industry have been able to derail the decision by prevailing upon the federal government's high-ups.
Zaka said the importance of ethanol could be gauged from the fact that the entire world, including India and many other countries are moving fast towards adopting ethanol use as an alternative source of fuel.
According to him, production of ethanol is the only way out to control the inflating import bill, but this could only happen if the government discourages the vested interests within the country by taking decisions, which are in the national interest.
He urged President Musharraf to immediately intervene and take action against those elements who have derailed his decision.
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