President Sialkot Chamber of Commerce and Industry (SCCI) Naeem Anwar Qureshi has strongly criticized the decision of the government to increase petroleum prices by about 8 to 9 percent , the second highest increase in the country’s history and stressed that the price increase must be withdrawn immediately. The increase in petroleum prices would add to the rising inflation and the cost of industrial production that is already under pressure because of higher electricity and gas charges.
In a press release issued here today, SCCI President said that in case the petroleum prices rise in the international market, the government should itself absorb maximum impact by reducing taxes and duties to maintain the petroleum price at the minimum level. Expressing great concern, the SCCI Chief narrated that the people are already pushed to the wall unable to bear the brunt of sky high oil prices. It is a killing blow but could be avoided if the government passes its profit to the people by decreasing levies on petroleum products. He said that the only beneficiaries are oil marketing companies whose profit margins would increase by making life miserable for the general public. This is being done at the cost of business, trade and the people. He feared that not only the transportation cost of goods would increase but fares of public transport would also increase manifold. The increase is immensely detrimental for business and industry as production price would go up and exports would suffer badly. He said that there is immense unrest among the people leading them towards protests and agitation, which must not be allowed to happen the only option being withdrawal of petroleum prices.
Naeem Anwar Qureshi said that the petroleum prices are being increased every month to add to the miseries of every citizen of Pakistan. Power is not available and industry is hard pressed to use oil to run generators during long power layoffs. The President of Sialkot Chamber wondered what option has been left for the industry to produce, especially the export goods, which have to be sent to foreign customers as per predetermined delivery time. He said that the ultimate effect of this draconic decision would be closure of industry, which will lead to flight of capital, massive unemployment and decline in the revenue of government. He said that it is time that the government should extend best support to the business and industry rather than to keep on raising petroleum prices, making life difficult for the people of Pakistan. He urged the Government to immediately withdraw increase in the prices of petroleum products to provide relief to the people, to enable the industrial wheel to move, and allow trade and business to sustain. He said that the business and industry is united and firmly stands with the people to do whatever possible to force the authorities to withdraw the thunderbolt rise in petroleum price.
SCCI president not a big fan of soaring petroleum prices
