The Lahore Chamber of Commerce and Industry (LCCI) has criticised the government for making "bulk" increase of Rs 5 per litre in petrol and Rs 3.5 per litre in diesel prices in one-go, terming it a bad news for the economy.
Chamber President Mohammad Ali Mian, Senior Vice President Mian Muzaffar Ali and Vice President Shafqat Saeed Piracha in a statement issued on Saturday said there was no doubt that the oil prices in the international market had broken all the previous records. "And now it is touching the sky at $103 per barrel but it would have been better if the government had passed on the burden partially," they added.
Office bearers said their chamber had for the last many months called on the concerned government circles to take measures to promote alternate fuels since the trade deficit was widening because of heavy imports under the head of petroleum products.
They said the timeline for the increase in the prices of petroleum products was also raising questions. He said that it would have been better if this matter had been left to the coming government. They said that at a time when the whole industry was suffering due to energy crisis and high cost of doing business, the raise in POL prices is bound to give a further blow to the industry. "It seems that it is an attempt to create troubles for coming government," they added.