SCCI critical of hike in fuel prices

PESHAWAR: Sarhad Chamber of Commerce and Industry has termed recent hike in fuel prices detrimental to the country’s economy and urged the government to withdraw the decision in best interest of businesses and economy.

In a statement issued here on Friday, the SCCI President Fuad Ishaq said the government made an increase in the price of petrol Rs13.55 per litre, which was completely unjust to the economy and people of the country.

He said business, trade and industrial progress would be adversely affected after this high increase in the 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 feared that the current exorbitant increase in fuel, electricity and gas prices would bring the businesses to complete standstill situations.

The SCCI chief said the policy to increase fuel prices after a fortnight along with hike in electricity and gas tariffs would add to miseries of the business community and poor people.

Fuad Ishaq also expressed anguish over the supply of gas at low pressure to industrial, commercial and domestic consumers, stating that Khyber Pakhtunkhwa was surplus in gas production despite that the gas was unavailable to consumers in the province.

He went on to say that KP had the first right to fully take benefits from its indigenous natural resources as per article 158 of the constitution of the country.