AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Lahore, September 25, 2012 (PPI-OT): Founders Group of the LCCI Tuesday, while strongly rejecting the weekly price fixation formula of Petroleum prices, has demanded of the government to withdraw the recent increase and implement quarterly review.
In a statement issued here, the Founders Group leaders Mian Muhammad Ashraf and Iftikhar Ali Malik said that if the fuel would be heavily taxed the entire economy would suffer and the same happened in Pakistan as the repeated increases in the POL prices had ruined the industrial and economic activities.”
They said that only because of high cost of doing business in Pakistan, a large number of industrial units had already shifted their operations to other countries and the recent decision would force more industrialists to shift their industrial units.
“With the increase in fuel prices the transportation cost has gone up manifold that is jacking up the prices of industrial raw material.”
They said that Government is producing huge amount of electricity through thermal means and after increase in petroleum prices, prices of electricity would touch new highs.
They said that Founders Group had for the last many years been calling on 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.
They were of the view that the timeline for the increase in the prices of petroleum products was also raising questions because at a time when the whole industry was suffering due to energy crisis and high cost of doing business, the raise in POL prices is bound to give a death blow to the industry.
For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854