President Sialkot Chamber of Commerce and Industry (SCCI) Muhammad Ishaq Butt has expressed great concern on the increase in petroleum prices and said that it would create frustration among the masses. Talking to journalists here on Monday afternoon he said that petroleum prices at International market in 2010 are decreased so the government should have reduced the prices according to international prices.
Ishaq Butt further said that the increase in petroleum prices was expected to add fuel to the rising inflation and the cost of industrial production was already under a great pressure because of higher electricity and gas charges. As a result of an increase in import prices, the profit margins of dealers and oil marketing companies would increase by making life miserable for the general public, he added.
The SCCI President feared that not only the transportation cost of goods would multiply, but also fares of public transport would increase to manifolds. The government was producing huge amount of electricity through thermal means and after increase in petroleum prices, prices of electricity would touch new heights.
Price rise has already made peoples' life miserable and this increase would add further woes to their miseries, besides the increase is detrimental for business and industry as production price would go up and resultantly export would suffer adversely, he added. The SCCI President urged the government to immediately withdraw increase in the petroleum products to provide relief to the people and enable the industrial wheel to move and allow trade and business to sustain.
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