ISLAMABAD: The Islamabad Chamber of Commerce & Industry has welcomed the suo motu action of the Chief Justice of Pakistan Mian Saqib Nisar for revising the prices of petroleum products enhanced twice by the caretaker government and hoped that interference of SC in the matter would lead to positive outcome for the common as well as for the overall economy.
Sheikh Amir Waheed, President, Islamabad Chamber of Commerce & Industry that the caretaker government in a short span of time has made twice increase in the prices of petroleum products with cumulative increase of Rs.11.80 per litre in petrol price, Rs.20.55 in diesel and Rs.7.82 per litre in kerosene oil price. It would bring a new wave of inflation for the common man and badly affect the growth of business activities. He urged that instead of hiking prices of POL products, government should reduce heavy taxes on these products as government was currently charging tax of Rs.37.63/litre on petrol, Rs.52.24 on high speed diesel, Rs.22.90 on kerosene and Rs.17.19 on light speed diesel.
He said that the cost of doing business in Pakistan was already quite high while the recent increase in POL prices would further increase the production cost and make our exports more uncompetitive in the international market. He stressed that the government should immediately withdraw the hike in POL prices in the larger interest of the people and the national economy.
Muhammad Naveed Malik Senior Vice President and Nisar Mirza, Vice President, Islamabad Chamber of Commerce & Industry said that Pakistan was generating major share of electricity through furnace oil and increase in POL prices would make cost of manufacturing activities unviable for the private sector. They said that increase in diesel price would further enhance transportation cost and create additional problems for the agriculture sector as most of the tube wells were running on diesel. They said the wise approach was that the government should cut taxes on POL products instead of increasing their prices that would facilitate the growth of business activities, promote exports, encourage investment, boost industrialization and accelerate the growth of economy.