SCCI slams hike in POL prices

PESHAWAR: Sarhad Chamber of Commerce and Industry (SCCI) on Friday flayed the unprecedented increase in prices of petroleum products and asked the government to revoke the decision.

“The decision will prove detrimental to the feeble economy”, warned SCCI President Hasnain Khurshid in a statement.

He feared the cost of industrial production would go up after the whooping hike in the prices that would lead to a fresh wave of inflation.

Hasnain Khurshid said the purchasing power of the common man had already weakened owing to increasing price-hike, adding that the poverty-stricken people would be hit hard further after the government’s move.

Terming the unprecedented hike of Rs30 per litre in the petroleum products as harmful to the country’s economy and industries, the SCCI chief said it was done at a time when the country was faced with an economic crunch.

He said the business community was confronting multiple difficulties owing to the prevailing scenario, adding economic policies had made it difficult to run industries.

Hasnain Khurshid noted with concern that the exports had dropped while declining foreign exchange reserves, trade deficit, coupled with energy and gas crisis were negatively affecting the country’s feeble economy.

He advised the government to revisit the policies to save the country from economic bankruptcy.