ICCI criticize increase in petrol prices

  • October 03, 2011
Islamabad Chamber of Commerce & Industry (ICCI) has opposed recent hike in petroleum, oil and lubricant (POL) prices and urged the Government to withdraw it to save industry and trade.
Industrial production has already been reduced due to power load shedding while the raise in POL prices would further worsen the situation. Yassar Sakhi Butt, President, ICCI has stated this in a statement.
He said that the government should consider reducing the petroleum levy rather than burdening the business community and the common man with the unprecedented increase in oil price. The increase in petroleum prices would add to the rising trend of inflation and the cost of industrial production that is already under heavy pressure because of higher electricity and gas charges, Butt opinioned.
ICCI President called for a review into petroleum prices as common man as well as industry is severely suffering due to this increase.
He also stressed that the matter with the power producing companies should be sorted on priority basis as the short will be touching the figure of 10,000 MW if no steps are taken. 
ICCI President also stressed that concerned government circles should take measures for the promotion of alternate fuels. The whole industry was suffering due to energy crisis and high cost of doing business, the raise in POL prices has created troubles for already ailing industry, he said.