Daily Times

LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) office-bearers demanded of the caretaker government to withdraw the recent increase in POL prices in the larger interest of trade, industry and economy.

Whereas, severely criticizing termed this raise a blackmailing of the trade, industry and masses.

The LCCI President Malik Tahir Javed said that the Oil & Gas Regulatory Authority (OGRA) is well aware that trade, industry and masses cannot run their activities without POL, therefore, they are misusing this situation and dropping petrol bomb again and again which is not acceptable.

He said that caretaker government has supported a shocking move of OGRA that has least knowledge about the grievances of the business community.

“This body doesn’t care for economy, trade and industry and continuously takes anti-business decisions and it is a matter of concern that caretaker government is also supporting OGRA. Why doesn’t OGRA suggest government to reduce duties and taxes on petroleum products besides cutting non-development expenditures of the state,” Malik Tahir Javed.

He further said that increase in petroleum prices at this critical stage, would add fuel to the fire and would give a big blow to the trade, industry and ultimately to the economy.

The president said that economic indicators are showing a concerning picture. No sector would be left unaffected if government doesn’t withdraw the huge hike in POL prices. He said that POL is one of the basic raw materials for the industry and a must for keep moving the wheel of trade and industry.

“The government should cut down non-development expenditures instead of dropping petrol bomb on the trade and industry which is already struggling for survival. Industry would not be able to contribute in economic uplift of the country if anti-industry decision is taken,” Javed said and further added that government should cut the number of taxes and duties levied on petroleum products.

The LCCI president said that it is not the industrial sector alone but the agriculture sector would also badly suffer. He said that Pakistan agriculture sector is engine of growth.

The LCCI Vice President Zeeshan Khalil said that the cost of thermal power generation by the private sector to go up. He said that government is producing a huge amount of electricity through thermal means and after an increase in petroleum prices, prices of electricity would touch new heights.

The LCCI 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.

Published in Daily Times, July 3^rd 2018.