Islamabad Chamber of Commerce and Industry (ICCI) President Tariq Sadiq said on Thursday that the recent increase in oil prices was regressive, and urged Prime Minister Shaukat Aziz to intervene and order its withdrawal. The ICCI President stated that the unprecedented increase in petrol prices within a short span of time would have negative effect on production, which was already faced with high cost.
The increase in petrol prices by rupees two per litre form Rs 40.39 to 42.39 per litre, increase in the rates of kerosene oil, HOBC and light diesel oil by rupee one to Rs 2. 73 per litre seemed unjustified.
The marketing companies - Pakistan State Oil, Shell Oil and Caltax Oil - had also raised prices of their products by 45 paisas from Rs 26.21 to Rs 27.16 per litre, he said. He said, these price increases would have negative impact on the gross domestic product (GDP) growth rate, which the Prime Minister often referred to as the government's key plan to transform the economy.
Considering the severe competition envisaged under the World Trade Organisation (WTO) regime, Sadiq urged the government to consider reducing the petroleum levy rather than burdening the business community and the common man with the unprecedented increase in oil prices.