The Lahore Chamber of Commerce & Industry has strongly rejected the massive hike in petroleum prices and demanded of the government to withdraw this decision. LCCI President Malik Tahir Javaid said that consecutive increases in POL prices are adding to the distress of the business community. He said that huge hike in POL price would affect every sector whether it is trade or export-oriented industry.
He said that logic has been given for POL price hike that oil prices in international market are climbing. Though oil prices in the international market have gone up as compared to recent past but why government is not bring down number and ratio of duties and taxes imposed on petroleum products.
He said the industrial sector will be immediate victim of the hike in petroleum prices as it is one of the major raw materials of the industries. He said that industrial production, movement of raw materials and trading goods will be more costly and reduce the competitiveness of Pakistani goods in the international market and put the government's initiatives in reverse for boosting exports.
LCCI Senior Vice President Khawar Rashid said that POL price increase will also add to the complexities of the agriculture sector which is already in a bad state-of-affairs because of water scarcity and unfavourable policies. 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, he added.
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