The Islamabad Chamber of Commerce & Industry has called upon the government to desist from making any increase in POL prices as it would further enhance the cost of production, affect exports and bring harmful consequences to the overall economy.
Sheikh Amir Waheed President, Muhammad Naveed Malik Senior Vice President and Nisar Mirza Vice President, Islamabad Chamber of Commerce and Industry said that OGRA has recommended Rs.12.50 and Rs.8.37 per litre increase in the prices of high speed diesel and petrol respectively, which was not justified, especially at a time when the business class was already facing many challenges in promoting business activities.
They saidthat Pakistan was producing most of the electricity through oilfuelwhich has led to the high cost of production making our exports uncompetitive in the international market. They were afraid that if any further increase was made in POL products, it would cause further slump in our exports and weaken the economy. They said that the crude oil price in international market was around $68/barrel which did not justify any further hike in POL prices. They said the increase in POL prices would put more burden on the common man and create lot of difficulties for the business class.