Traders rejects whopping hike in POL prices

F.P. Report

PESHAWAR: Business community here on Friday categorically rejected the historic increase in prices of petroleum products, asking the government to revise its decision while keeping in view the fragile businesses, industries and ailing economy of the country, and take back it immediately.
The Government’s decision would prove detrimental for the already feeble national economy, warns Hasnain Khurshid Ahmad, President Sarhad Chamber of Commerce and Industry, according to a statement issued here, quoting him as he is saying.
The SCCI chief maintained the cost of industrial production would escalate after the whopping increase in prices of petroleum commodities that would bring a fresh wave of inflation in the country.
He noted the purchasing power of the common man has already weakened owing to increasing ‘price-hike’, saying that the poverty-stricken people would further hit hard after the government’s move.
Terming the historic hike of Rs30 per litre petrol as venomous for the country’s economy and anti-businesses and industry,
Mr Khurshid observed the country is confronted with severe economic crunch and turmoil.
He added the business community has faced countless difficulties owing to the prevailing scenario, saying that running of business and industries was not only made difficult but impossible because of the present economic policies.
The chamber’s president stressed it is essential to take relief measures to support the ailing country’s economy, businesses and industry.
However, he noticed the frequent increase in prices of electricity, gas and petroleum products was tantamount to further push the fragile economy toward a complete collapse.
Mr Khurshid viewed that factory owners are compelled to shut their units in the prevalent scenario that has triggered massive unemployment in the country.
He observed every segment of the society has adversely affected owing to increasing ‘price-hike’ on a daily basis.
The SCCI chief severely criticized the government for taking decisions on dictation of IMF, which couldn’t be suitable for the country’s economy, businesses and industries. He said it is crucial to formulate independent policies to put the ailing economy on the right track.
Furthermore, he asserted Pakistan should pull out the mire of foreign debts and make it an economically ‘self-reliance’ nation.
Owing to inconsistency in economic policies, Mr Khurshid noted the country’s export has dropped at an optimal level while declining foreign exchange reserves, trade deficit, coupled with energy and gas crisis further pushing the country’s feeble economy to a complete destruction.
The SCCI president asked the government to take decisions with full wisdom and due consultation with relevant stakeholders in order to stabilize the country’s ailing economy.
He asked the government to immediately take back the decision of a whopping hike in prices of petroleum commodities and announce special relief initiatives and incentives for the business community that would help to put the country’s economy on the right track.
The chamber president made it clear that if the government would not revisit its policies immediately then the country would face economic bankruptcy, which would never be suitable for the country, people as well as business and trade.