Current hike in the POL and CNG prices were the most unjustified decision of the Government while minor cut in fuel prices would not provide any relief to business community and general masses.

Yassar Sakhi Butt, president Islamabad Chamber of Commerce and Industry (ICCI) termed the Government decision to cut fuel prices just an eyewash and said that Government should withdraw the recent massive increase in POL prices as it is very seriously impacting the trade and industry in a negative way.

 
ICCI President was of the view that still no visible economic revival plan was in sight to overcome the growing problem of power outages throughout Pakistan. Serious efforts should have been afoot to address the energy crises, which were posing very serious threats for sustainability of businesses, he maintained.

He said that the current business environment presents a depressing outlook and has stopped the process of industrialization and investments in many sectors. These pressures have triggered a sense of insecurity in the business community and majority of the business were verge to close in these circumstances.

Yassar Sakhi Butt said that due to high cost of doing business in Pakistan, a large number of industrial units had already shifted their operation to other countries and minor cut in fuel prices would not provide help to change this trend.

President ICCI said that our leadership must realize the gravity of energy problem that has seriously damaged the economy and assign tasks to the respective ministries to come up with solutions instead of wasting more time in increasing fuel prices on monthly basis.

He stressed the Government to device a proper mechanism instead of adopting short-cut solutions on day to day basis to meet the energy demands. President ICCI demanded that critical issue of energy must be resolved on priority basis instead of only lip service.