Higher fuel prices to increase cost of production: FPCCI

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Federation of Pakistan Chamber of Commerce and Industry (FPCCI) has stated that increased prices of petroleum products would push cost of production and eventually lead to cuts in export orders. FPCCI President Fazal Qadir Sherani told said on Wednesday that increase in petroleum products’ prices has disturbed the industrial sector, especially the manufacturers, already hard hit by high input costs. In addtion to this, prolonged gas and power load shedding as well as a weak rupee against dollar also hampers work. “All this would hamper industrial production in the country,” said Sherani. SAARC Chamber of Commerce and Industry Vice President and veteran trade leader Iftikhar Ali Malik said the industry is already facing energy crisis,and higher electricity tariffs and prices of petroleum at this critical juncture would squeeze liquidity. He said high tariff on power, gas and petroleum have created another liquidity crunch for importers of industrial raw material. He suggested that keeping in view the business scenario of the world, high rate of mark up by banks be reduced to single digit to provide solace to the hard hit industry. He called for immediate corrective measures in the interest of national industry.