Government has taken an anti-people decision by increasing the prices of petroleum products at a time when the economic activities are shrinking due to multiple factors and this hike will produce overall damaging effects on the economy.

This was said by Mian Shaukat Masud, President, Islamabad Chamber of Commerce & Industry (ICCI) in a statement. The government on Monday has increased price of petrol (motor spirit) by Rs.4.80 per litre, HOBC by Rs.3.38 per litre, kerosene oil Rs.2.69 per litre, light diesel oil (LDO) Rs.3.69 per liter, JP-1; 3.74 per litre; and JP-4; 4.10 per litre.

After the increase, the new price of petrol will be Rs.65.44 per litre, HOBC Rs.80.39 per litre, kerosene oil Rs.60.6 per litre, LDO Rs.56.96 per litre, JP-1 Rs.48.02 per litre; and JP-4 Rs.46.06 per litre.

He said country’s 70 per cent electricity is produced through thermal power where oil has a major role and hike in petroleum prices will lead to increase in electricity prices as a result of which prices of all commodities will shoot-up.

He said this will cause more inflation and poverty, increasing transportation cost, creating more difficulties for common man and destroying the entire industry.

Mian Shaukat said when oil prices come down in international market, government makes a meager cut in petroleum prices to ruse the people, but when oil prices go up, whole impact of spike is passed on to the public which is an unfair treatment.

He said already to meet the conditions of IMF, government has removed subsidies from electricity and warned that the fresh increase will prove catastrophic for the national economy as business activities will be minimized, exports will decline and increase in prices of consumer products will severely affect the buying power of common man.

He said if government wants economic development in the country, then it will have to free itself from IMF’s regime and make independent national policies without getting dictation from IFIs, otherwise, the country will witness more slump in economic activities in coming days.