PESHAWAR: The Sarhad Chamber of Commerce and Industry (SCCI) on Monday asked the government to withdraw the massive hike in the prices of petroleum products, saying that it would cause more price-hike and slower economic growth.
In a statement, SCCI president Fazal Moqeem Khan said that the government’s move would increase the cost of living and cost of doing business which was already the highest in the entire region, making Pakistani products less competitive in the global market.
The SCCI president said the government had already proposed an imposition of a carbon levy on petrol, high-speed diesel, and furnace oil of Rs 2.5 per liter in the coming financial year, which would further increase the prices of the POL.
He said that a surge in petroleum prices would lead to a ripple effect on transportation and energy costs, ultimately affecting the end consumers.With the country already grappling with inflation and devaluation for the past several years, the burden of higher fuel prices would further burden the population and businesses alike, he added.
Moqeem Khan expressed fear that energy prices would also go up, which would raise electricity tariffs and directly hit industries, businesses and push up the cost of doing business. He said that rising prices of fuel, gas, and electricity would bring more inflation and increase the cost of doing business.
He said the national economy, businesses and industries were hardly recovering from the prolonged recession, and such steps would jeopardize the government’s efforts to ‘ease the cost of doing business’, industrial growth and control over the rising inflation.
Moqeem Khan stated that collaborative efforts by the government and private sector were needed to mitigate the impact of rising fuel prices and to foster a conducive business environment for economic growth and prosperity.
The SCCI chief urged the government to withdraw its decision in the best interest of business, industries and the economy so that businesses and industries could flourish, in order to create employment opportunities for people.
