unjustified
PESHAWAR
Sarhad Chamber of Commerce and Industry has slammed the government over the recent massive increase in prices of petroleum products, which they claim is driving up the cost of business and industry that would directly make life miserable for poor people as well as traders’ community.
Fazal Moqeem Khan, president, Abdul Jalil Jan, senior vice president, Shehryar Khan, vice president and members of the chamber’s executive committee in a joint statement issued here on Wednesday stated despite drastic cut in prices in global market, government made a unprecedented hike petrol and diesel rates, which is completely unjustified and unfair.
The government move would terribly hit all segments of society and intensify the hardships, particularly for the general public, besides terribly affecting the industrial production as the cost of doing business would obviously go up, the office bearers remarked.
SCCI officials said this hike in petroleum commodities was not making any sense. We reject the recent record increase in petrol and diesel prices.
Business leaders said the country needs an out-of-the-box solution to stabilise the economy instead of ruthlessly counterproductive decisions aimed at ruining the industries and consumers.
Senior office bearers opined the government has no clue about the socioeconomic repercussions of the massive hike in petroleum prices which is bound to mount inflationary pressures beyond the control of any sector or industry to absorb.
This would result in industrial shutdowns, decline in exports, dwindling domestic demand, social unrest, unemployment and low economic growth, they added.
On the other hand, SCCI expressed serious concerns over recent increase in gas tariff, calling it would prove detrimental for industrial, commercial and domestic consumers.
Office bearers asked the government to withdraw its decision and to make reduction in petrol and diesel prices in line with the international market in order to provide relief and facilitate the general public as well as boosting the national economy.
