Islamabad Chamber of Commerce and Industry (ICCI) strongly criticized the massive raise in petroleum products, saying that it would hit trade and industry hard besides jacking up the graph of inflation further high.

Rejecting the unjust increase in the petroleum prices, Yassar Sakhi Butt, President ICCI urged the Government to withdraw petroleum products price hike in the range of Rs.2.78 to Rs.6.29 per litre as the bulk increase would shatter all segments of society.

He said that the current increase of 6 percent in the prices of petroleum products would have devastating impact on the industrial sector as cost of raw materials and transportation of goods would increase manifold.

Yassar Sakhi Butt expressed the concern on sluggish production activities in the industrial units due to power load shedding and said that the recent increase in petroleum products prices would give a big blow not only to the industry but to the agriculture sector as well which is backbone of the economy.

The ICCI President was of the view that the Government must device a proper mechanism instead of adopting short-cut solutions on day to day basis to meet the energy demands. He emphasized that Government must adopt and implement a long-term strategy to overcome the energy crises and the rising inflation.

He said that it was second major hike in petroleum prices in time period of just one month. Our citizens are already burdened with high inflation rates and bleak economic conditions could not afford another power hike, he added.

Shahid Zaman Shinwari, Vice President ICCI also 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 Islamabad Chamber of Commerce and industry for the last many months had been calling the concerned government circles to take measures for the promotion of alternate fuels as trade deficit was fast widening due to heavy imports under the head of petroleum products.