Rawalpindi
\nThe Rawalpindi Chamber of Commerce and Industry (RCCI) has denounced the government for making a massive hike of Rs35 per litre in petrol and diesel prices. RCCI President Saqib Rafiq in a statement termed it unprecedented and a very harsh decision that will unleash a new wave of inflation and cause a big increase in the cost of doing business.
\nThe inflation is already in double digits and rising prices would lead to a storm of inflation, he added.
\nHe said that the government should end anti-business policies under the guise of economic recovery.
\nHe said that the sharp rise in Petroleum price would badly squeeze the purchasing power of the common man, leading to a sharp decline in the growth of business activities. He said that the government should realize the economic hardship and provide relief to the masses.
\nThe increase in diesel prices will increase the transportation cost and affect the construction sector, the tourism sector is also in decline.
\nHe said that the rate of inflation is close to 35% at present, the increase in petroleum prices will also increase the inflation rate.
\nSaqib Rafiq stressed that the government should focus on broadening the tax net and make drastic cuts in all non-development expenditures and provide some relief to inflation-stricken people.
\nThe business community is well aware of the economic challenges due to rupee depreciation, however, he urged that in these difficult times, the government should avoid taking such harsh decisions and focus on promoting ease of doing business to steer the economy out of current challenges.<\/p>\n","protected":false},"excerpt":{"rendered":"
Rawalpindi The Rawalpindi Chamber of Commerce and Industry (RCCI) has denounced the government for making a massive hike of Rs35 per litre in petrol and diesel prices. RCCI President Saqib Rafiq in a statement termed it unprecedented and a very harsh decision that will unleash a new wave of inflation and cause a big increase […]<\/p>\n","protected":false},"author":2,"featured_media":310610,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[],"class_list":{"0":"post-310573","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n