SCCI rejects historic increase in fuel prices

F.P. Report

PESHAWAR: Sarhad Chamber of Commerce and Industry (SCCI) rejected the historic increase in fuel prices and called it detrimental for the country’s economy, businesses and industries.

According to a statement here on Saturday, Ijaz Khan Afridi, acting president of the Sarhad Chamber of Commerce and Industry (SCCI) said the unprecedented hike in prices of petroleum products will bring a new storm of inflation that would adversely affect the business community and poor masses. Urging the interim government to withdraw the gigantic hike in fuel prices in the best interest of the national economy, businesses and industries, he warned that the chamber along with traders will be forced to launch an agitation movement against it.

Criticizing the government’s anti-business policies, Ijaz Afridi said business community had pinned high hopes from caretakers that they will take measures for putting the ailing economy on right track but instead doing that they have endorsed the steps of previous coalition government and multiple problems of the traders’ community, which is strongly condemnable.

“How can the national economy improve when the business community will face an uncertain situation and no remedial or corrective measures were taken place by caretakers”, the Sarhad Chamber of Commerce and Industry (SCCI) chief questioned. He asked the interim government to thoroughly review its policies and initiate consultation with chambers and relevant stakeholders to revive the crippling national economy.

Expressing fear that recent whopping increase in fuel prices would be caused further plunging the businesses and industries, because the prices of electricity, gas and petroleum items are frequently increasing, which were used as raw material in industries, the price hike will cause increase cost of industrial production and businesses, resultantly the price-hike would also further increase, Afridi remarked.

SCCI acting chief observed the inflation-hit business community and people earlier protested against inflation bills, now their miseries will further increase after the massive increase in fuel prices. Ijaz Afridi urged civil and military leadership to play their proactive role in putting the national economy on the right track. Otherwise, he expressed fear that the situation will be further aggravated which won’t be favorable and beneficial for the country’s economy.