The Lahore Chamber of Commerce and Industry Wednesday urged the government to immediately withdraw increase in the prices of petroleum products as it would not only give a big blow to the industry that is already struggling for survival due to horrible energy crisis but would also cause irreparable damage to the government’s image in the eyes of the masses. In statement issued here, the LCCI President Irfan Qaiser Sheikh, Senior Vice President Kashif Younis Meher and Vice President Saeeda Naza said that the recent increase in the prices of petroleum products would hit both the Industrial and Agriculture sectors hard besides jacking up the rate of inflation in the country.
The LCCI office-bearers said that the entire industrial sector was already facing multiple internal and external challenges while the recent increase would further aggravate the economic situation.
They said Pakistan’s agriculture sector is engine of growth. The increase in Diesel prices would increase the input cost of agriculture production as high speed diesel is being used in the tractors, tub-wells, harvesters, thrashers and other agriculture machinery. They said that the cost of thermal generation by private sector would also go up. The LCCI office-bearers said that not only the transportation cost of goods would multiply but fares of public transport would also increase manifold.
They 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.
The LCCI office-bearers said that the Lahore Chamber of Commerce and Industry had for the last many months been calling on the concerned government circles to take measures for the promotion of alternate fuels as trade deficit was fast widening due to heavy imports under the head of petroleum products but government has not taken a single step to this regard.
They were of the view that the timeline for the increase in the prices of petroleum products was also raising questions because at a time when the whole industry was suffering due to energy crisis and high cost of doing business, the raise in POL prices is bound to give a further blow to the industry.
They demanded of the government to withdraw the increase in petroleum prices immediately instead of playing role of silent spectator on the issue. They said that Chambers of Commerce & Industry and other trade bodies are giving call of disobedience and government should avoid swelling their anger.

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