LCCI rejects POL price hike

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has rejected massive hike in petroleum prices and demanded the government to withdraw the decision, a statement said on Thursday.

LCCI President Malik Tahir Javaid said that consecutive increase in POL prices are adding to the distress of the business community.

Huge hike in POL prices will affect every sector whether it is trade or export-oriented industry, he said.

The industrial sector will be immediate victim of the hike in POL prices, as it is one of the major raw materials of the industries, he said, adding that industrial production and movement of raw materials and trading goods will be more costly and reduce the competitiveness of Pakistani goods in the international market and put the government’s initiatives in reverse for boosting exports.