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. President FPCCI,Fazal Qadir Sherani said that higher prices of petroleum products have affected the industrial sector, especially the manufacturers, already hit by high input costs. He said that in addition to this, gas/power load shedding as well as weak Pak rupee against dollar is also affecting the work. “All this would hamper industrial production in the country,” he said. Vice President SAARC Chamber of Commerce and Industry and veteran trade leader Iftikhar Ali Malik said that the industry is already facing energy crisis, and higher electricity tariffs and prices of petroleum at this critical juncture would squeeze the liquidity. He said that high tariff of power, gas and petroleum have created another liquidity crunch for the importers of industrial raw material. He suggested that keeping in view the business scenario of the world, the mark up rate by banks be reduced to provide solace to hard hit industry. He called for immediate measures in the interest of national industry.
