Government has increased fuel prices by 12 percent which would affect business activities and create difficulties for the business community and common man.

The unprecedented increase in petrol prices within a short time would have negative effect on production which is already faced with high cost, Mahfooz Elahi, President Islamabad Chamber of Commerce & Industry (ICCI) has stated 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, he opinioned.

ICCI President said that petroleum prices were being increased every month and adds to the woes of every citizen of Pakistan. He said that the government should extend support to ailing business and industry rather than raising petroleum prices.

He said that it was second major hike in petroleum prices in time period of just few days. Pakistani citizens, already burdened with high inflation rates and bleak economic conditions, cannot afford the increase, he added.

Mahfooz Elahi called for withdrawal of increase in petroleum prices to strengthen the industry and trade activities. Industry could grow and become cost competitive in the regional and international markets, if government cut in POL prices, he maintained.

ICCI President said that ICCI had for the last many months been calling the concerned government circles to 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.