ICCI lauds fuel price increase reversal

  • June 15, 2012
Islamabad Chamber of Commerce and Industry (ICCI) appreciated the Government's decision of reduction in POL and CNG prices and termed it a positive step in the larger interest of trade, industry and masses as well.

Asad Farid, Acting President ICCI presiding over a meeting in the Chamber, said that the withdrawal in prices of petroleum products and CNG would not only give some relief to the inflation-hit masses but it would also benefit almost all sectors of the economy.

He was of the view that reduction in the prices of petrol by Rs.10 per litre and CNG by Rs6 per kg would go a long way for the revival of economic activities in the country. Asad Farid said that such positive decisions of the Government would accelerate export oriented activities and would help exporters to compete more effectively in the international market.

ICCI Acting President has urged the government to further bring down the prices of petroleum products in the country as their prices in the international market has registered visible decline. He said that further cut in oil prices would cause no dent to Government revenues as it would just be passing on what it is getting from the international market.

Asad Farid emphasized upon the Government to cut the number of taxes on petroleum products as the fuel is the engine of growth. If the fuel would be heavily taxed the entire economy would suffer and the same happened in Pakistan as the repeated increases in the POL prices had ruined the industrial and economic activities, he maintained.

He said that only because of high cost of doing business in Pakistan, a large number of industrial units had already shifted their operations to other countries. The Acting President said that the entire industrial sector was already facing multiple internal and external challenges and a further deep cut POL and CNG prices would help provide them some relief.