The Lahore Chamber of Commerce and Industry has urged the government to withdraw recent massive hike in oil prices that is bound to jack up cost of doing business in Pakistan.
The LCCI office-bearers, President Irfan Qaiser Sheikh, Senior Vice President Kashif Younis Meher and Vice President Saeeda Nazar in a statement on Monday said that this is the fact that oil prices are on the rise in the international market but instead of passing on this surge to masses, the government should cut the number of taxes on petroleum products as the fuel is the engine of growth. "If the fuel would be heavily taxed the entire economy would suffer and the same happened in Pakistan as the repeated increases in the POL prices had ruined the industrial and economic activities."
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