Pakistan Industrial & Traders Association Front (PIAF) has outrightly rejected the proposed massive increase in the petroleum prices and said that any such move would prove last nail in the coffin.
PIAF, in its Executive Committee meeting on Thursday, warned the government that any further increase in POL prices would dent the government reputation badly that is already on stake due to awaful energy crisis.
Chairman PIAf Sohail Lashari presided over the meeting while the LCCI president Irfan Qaiser Sheikh, LCCI former president Mian Anjum Nisar, PIAF Vice Chairman Junaid Iqbal Sheikh and PIAF EC members were present on the occasion.
Speaking on the occasion, Chairman PIAF Engr. Sohail Lashari said that petroleum prices were already at the highest level and any further increase would prove the last straw that breaks the camel’s back.
He said that the government should cut the number of taxes on petroleum products as the fuel is the engine of growth. If the fuel would be heavily taxed the entire economy would suffer and the same happened in Pakistan as the repeated increases in the POL prices had ruined the industrial and economic activities.
He said that only because of high cost of doing business in Pakistan, a large number of industrial units had already shifted their operations to other countries and decision of further increase would force more industrialists to follow the suit who were already discouraged due to acute electricity shortage.
Engr. Sohail Lashari said that the entire industrial sector was already facing multiple internal and external challenges and any new increase in POL prices would further aggravate the economic situation.
He said that Pakistan agriculture sector was engine of growth. 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 said that the cost of thermal generation by private sector to go up. He said that not only the transportation cost of goods would multiply but fares of public transport would also increase manifold.
He said that Government is producing huge amount of electricity through thermal means and after increase in petroleum prices, prices of electricity would touch new highs.
He urgd the Prime Minister Syed Yousaf Raza Gillani to reject the proposed increase in the POL prices otherwise anger of people would go up and they would be compelled to take to the streets.
Meanwhile, PIAF Chairman urged the LCCI members to get their membership renewed by the March 31st.
