RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) President Malik Shahid Saleem has said that the exorbitant raise in POL prices would unleash the storm of inflation in the country and demanded the reversal of proposed petroleum price hike.
He said that international crude oil prices remained stagnant but the government has increased the prices which will severely affect the masses. Also, starting from July 1, Government is receiving monthly oil supplies worth $275 million from Saudi Arabia on deferred oil payment.
He said that after the upsurge in POL prices, HSD price has increased to Rs132.47 while petrol has touched the highest mark of Rs117.83.
At a time when masses are already reeling under skyrocketing inflation (around 9%), the move to raise the petroleum products rates ahead of Eid will radiate a negative message and it will double the sufferings of common man, he added.
High speed diesel is widely used in agriculture and transport sectors and therefore increase in its price would have a direct impact on life of a common man due to inflationary impact, he added.
RCCI President said that Pakistan’s manufacturing sector already facing a big challenge on cost competitiveness and given raise in petroleum prices will badly impact the export targets.
He said the petroleum price hike would increase the monthly budget of the common man. He said it would also have a negative effect on the industry and would send prices of different products skyrocketing.
RCCI President apprehended that the new wave of inflation would grip the entire nation with seizing purchasing power, which was widely fared to scale down business activities in the country.
The move is going to crumble the local economy, adding that the small businesses would also fall flat to the inflation that would be unaffordable to any of the traders, said Malik Shahid Saleem.
He demanded an immediate hold in Petro prices in the larger interest of trade, industry and economy.