Sunday October 24, 2021

SCCI resents increase in POL prices

September 18, 2021

PESHAWAR: Sarhad Chamber of Commerce and Industry (SCCI) has censured the government for the unprecedented increase in the prices of Petroleum Oil Lubricants (POL) products and warned of a strong protest by the business community if the decision was not revoked.

Chairing a meeting of the small traders and industrialists here on Friday, SCCI President Sherbaz Bilour said the recent hike of Rs5 per litre in the petrol price was highly worrisome, adding the whopping increase was unacceptable.

He noted that the country’s economy was on the verge of collapse as a result of the policies of the present government which he termed anti-businesses and industries.

The SCCI chief said the inconsistency in prices of patrolmen products, electricity and gas would deteriorate the situation after the increase in prices of petroleum products.

He pointed out that the petrol, electricity and gas were three major utilities, which are used as raw material for industrial production and other means.

“If the escalating trend continued in the prices, it would increase the cost of industrial productivity and eventually have trickle-down effects on the business community along with people from different walks of life, including poor people,” he feared.

Sherbaz Bilour said the excessive increase in the POL prices and depreciation of the Pakistani rupee against the dollar would lead to a new wave of inflation that would affect industrial growth as well and causing the closure of the industries which may trigger massive unemployment.

He said instead of focusing on, what he believed were, anti-business policies and actions, the government should announce a special fiscal relief package for Covid-19-hit small traders and industries.

The SCCI chief called for consistency in the economic policies for creating a sustainable business environment to carry out economic and trade activities.