The Islamabad Chamber of Commerce & Industry (ICCI) has termed the recent hike in petrol and diesel prices a deadly petroleum bomb on poor masses, demanding its forthwith withdrawal.
“Gradual and uncontrolled increase in petrol has put negative impact on production as our industrial production cost which is already under great pressure due to power load shedding and further increase in POL prices would worsen the business environment,” said ICCI President Yassar Sakhi Butt on Saturday.
In a press statement, he said the hike in petrol and diesel prices would badly affect business activities and create difficulties for the common man. He added that the increase in petroleum prices would set a new trend of inflation which had already exceeded 20 percent in the last few months and further increase in petroleum and power tariff would make the lives of people miserable. The ICCI president said that the cost of industrial production was already under heavy pressure due to higher electricity and gas charges.
Yassar Sakhi Butt said the government was charging four different taxes on the petroleum products, saying petrol price hike in Pakistan had been affecting every segment of the society and lives of the common man were becoming extremely difficult as a result of unprecedented hike in fuel prices.
The ICCI president was of the view that the government must stop increasing tariffs and, instead of adopting short-cut solutions to meet the energy demands, must develop and implement a long-term strategy to overcome the energy crises and the rising inflation.
He also urged the government to execute Iran-Pakistan gas pipeline project or TAPI project on priority basis to fill the gap between the raising demand and short supply.