Ahmed Hassan Moughal, President, Islamabad Chamber of Commerce  & Industry has said that OGRA has proposed further increase in the prices of petroleum products which has created concerns in the business community as it would further enhance the cost of doing business and unleash a new wave of inflation for the common man. He said OGRA has worked out about Rs.13.10 per litre increase in the price of high speed diesel, Rs.9 in petrol and Rs.6.47 per litre increase in the price of kerosene which was worrisome. He cautioned that if the proposed increase in POL prices was approved by the government, it would create additional problems for the business class and the general public. He urged that in the current circumstances, government should avoid taking measures to increase petroleum prices.
 

Ahmed Hassan Moughal said that apart from general public, petroleum products were being used by energy, industry, agriculture, transport and other sectors of the economy and these products have been made an important source of generating tax revenue by imposing heavy taxes which was unjustified. He urged that the government should make hefty cut in taxes on petroleum products that would bring down the cost of doing business, facilitate the growth of business activities, encourage investment and reduce inflation for the general public.
 

Rafat Farid Senior Vice President and Iftikhar Anwar Sethi Vice President, Islamabad Chamber of Commerce & Industry said that the business community have lot of hopes from the current government, however, the measures of the government like increasing gas and electricity prices and now petroleum prices would create more problems for business community and the people of the country. They said that due to high energy prices, production cost in Pakistan was already highest in the region and our exports have become uncompetitive. They said that Pakistan’s trade deficit in 2018 reached around US$ 38 billion and it was the need of the hour that government should have focused on reducing cost of doing business to improve exports and reduce trade deficit. However, they said that further enhancing the prices of petroleum products would push up manufacturing cost making our export more uncompetitive in international market that would also further increase trade deficit. They emphasized that government should turn down the OGRA’s proposal and not make any hike in POL prices to save the economy from further troubles.