Leaders of agriculture, trade and industry strongly resented the soaring oil prices resulting in veering out of control the public finances and it seemed that economy was heading towards trouble. Masood Pervez, President of Hyderabad Chamber of Commerce and Industry, said that the problems would not have been so severe if there was an alternative.
The surging prices have an impact on other consumer goods and the change in labour leaders' attitude would certainly have its impact in exports.
He demanded that the Oil and Gas Regulatory Authority should be given powers to determine the prices of POL, as the advisory committee of refineries and petrol companies had increased the prices of petrol by 166 per cent, diesel by 203 percent, kerosene by 184 percent and high octane by 162 percent since July 2001.
Competition flexible labour, remittances, proactive monetary policy and the global demands for value-added cotton products will all help Pakistan to prosper in the long term. But there are apprehensions that in a year or two ahead there could be serious economic setbacks.
Abdul Majeed Nizamani, President of Sindh Abadgar Board, said to protect the agriculture sector the government should separately fix oil prices for agriculture sector twice a year during Kharif and Rabi cropping seasons and the government should evolve a viable mechanism in this regard.
Qamaruzaman Shah, President of Sindh Chamber of Agriculture, said that oil prices hike would have devastating effects on agriculture sector. He demanded that the government should provide diesel for agriculture purposes by changing its colour-'colour diesel'-as in many countries including UK supplied to agriculturists on subsidised rates according their cultivated areas.
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