FAISALABAD. President Faisalabad Chamber of Commerce & Industry (FCCI) Mr. Shabbir Hussain Chawla has expressed concern over the repeated increase in the petroleum prices and feared that it will trigger a new wave of price hike in the country.
He said that price hike will badly affect the trade and industry in addition to having a negative impact on the already dwindling exports. “The trickledown effect of this price hike will also hit hard the large chunk of our population that was already forced to live below poverty line”, he added.
He said that as soon as the economic stability is witnessed, retrogressive steps are being taken by the government to spoil the economic achievements in addition to discouraging the business community.
He said that increase in petroleum prices will not only enhance price hike within the country but also increase the production cost of exportable surplus. “This will create problems for the Pakistani exporters to compete in the international markets”, he added.
Continuing Mr. Shabbir Hussain Chawla said that despite of ups and down in the prices of oil, government has failed to reduce its taxes & duties and the entire burden of price hike is immediately passed on to the consumers instead of facilitating them.
He said that during last two month burden of at least Rs.50 billion has been put on the public which will trigger a chain reaction of price spiral.
He further said that increase of Rs. 5.98 per liter in diesel prices will increase the transportation cost. He urged upon the government to cut down its taxes in case of increase in oil prices in order to give much needed relief to the masses.
“If government and oil companies continued to fleece the people, negative sentiments among public may result in political instability”, he said and added that hence government should withdraw the increase in the oil prices in line within its policy to facilitate the masses.