POL price hike further weaken the economy: Yakoob Karim : AsiaNet-Pakistan

POL price hike further weaken the economy: Yakoob Karim

January 2, 2018 | General Business News | Share:

Karachi, January 02, 2018 (PPI-OT):Lasbela Chamber of Commerce and Industry (LCCI) has strongly condemned the government’s decision to increase the prices of POL terming it anti-people and anti-economy move. The President, LCCI, Yakoob Karim said in a statement that another hike in POL prices will result in another wave of price hike that further weakening the economy and the tarnish the reputation of the present regime.

He earnestly demanded of the Prime Minister, Shahid Khaqan Abbasi to immediately withdraw the increased rates of POL (petroleum, oil and lubricants) prices as the current economic condition did not allow for such measures. He said that the industry was already under immense pressure to turn the wheel and keep up the production while the government is making such decisions without any justification.

He said that increase in POL price sharply affect the cost of every commodity and raw materials especially the export oriented industry becomes unable to meet its commitments abroad due to increased overheads. He further said that POL price increase would also affect the country’s agriculture sector, citing that hike in petroleum prices would increase the input cost of agriculture production as high speed diesel was being used in tractors, tube-wells, harvesters, and other agriculture machinery. While, cost of thermal generation of electricity by captive power plants would also go up, he added.

For more information, contact:
Public Relations Officer,
Lasbela Chamber of Commerce and Industry (LCCI)
Ground Floor, Lieda Office Building, Hub Distt., Lasbela
Tel: +92-85-3303410, +92-85-3304461
Fax: +92-85-3302431
Cell: +92-85-300-2023448
Email: farhanprolcci@yahoo.com, info@lasbelachamber.com
Website: www.lasbelachamber.com

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Category: General Business News