The Lahore Chamber of Commerce and Industry (LCCI) on Tuesday strongly criticized the bulk increase in petroleum products prices and said that caretaker government has implemented the Oil & Gas Regulatory Authority (OGRA)'s bad decision that must be withdrawn immediately.
The LCCI President Malik Tahir Javaid said that OGRA is moving with closed eyes and doesn't care of economy, trade and industry. The caretaker government implemented the OGRA recommendations without taking the stakeholders on board. Why doesn't OGRA suggest government to reduce duties and taxes on petroleum products besides cutting non-development expenditures of the state, he questioned?
He said that increase in petroleum prices at this critical stage, would add fuel to the fire and would give a big blow to the trade, industry and ultimately to the economy. The economic indicators are showing a concerning picture. No sector would be left unaffected if government doesn't withdraw the huge hike in POL prices. POL is one of the basic raw materials for the industry and a must for keep moving the wheel of trade and industry, he added.
"Government should cut down non-development expenditures instead of dropping petrol bomb on the trade and industry which is already struggling for survival. Industry would not be able to contribute in economic uplift of the country if anti-industry decision is taken", he said and added that government should cut the number of taxes and duties levied on petroleum products.
It is not only the industrial sector alone but the agriculture sector which is engine of growth would also badly suffer. He demanded of the government to withdraw the recent increase in POL prices in the larger interest of trade, industry and economy.