PESHAWAR
Sarhad Chamber of Commerce and Industry president Fuad Ishaq termed recent hike in petrol price by Rs13.55 per litre as detrimental for the country’s economy and urged the government to withdraw its decision in best interest of businesses and economy.
In a statement issued here on Friday, the SCCI chief said the government made an increase in petrol Rs13.55 per litre, which is completely unjust to the economy and people of the country.
Fuad Ishaq said business, trade and industrial progress would adversely affect after this historic increase in fuel prices.
The chamber president said fuel, electricity and gas were used as raw material for industries and with frequent increase in these would increase cost of industrial production, consequently all segments of the society will also hit hard and also impact negatively on the country’s economy.
Fuad Ishaq went on to say that business and trade activities have already slowed down owing to inconsistent and impermanent government’ policies.
He added that the current exorbitant increase in fuel, electricity and gas prices will bring the businesses to complete standstill situations.
The SCCI chief said the policy to increase fuel prices after fortnight along with hike in electricity and gas tariffs would further add to miseries of the business community and poor people.
On the occasion, Fuad Ishaq expressed anguish over supply of gas on low pressure to industrial, commercial and domestic consumers, stating that Khyber Pakhtunkhwa is surplus in gas production despite that the gas was unavailable to consumers in the province.
He went on to say that KP has the first right to fully take benefits from its indigenous natural resources as per article 158 of the constitution of the country.
Therefore, the SCCI chief urged the government, in greater interest of the country’s progress, prosperity and economic stability, to take back the decision of the recent whopping hike in fuel prices and ensure uninterrupted electricity and gas supply to industries.
On the occasion, Fuad Ishaq expressed grave concern over maintaining the policy rate at high by State Bank of Pakistan and urged to bring down the interest rate to single digit to flourish business, industries and economy of the country.
