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Govt urged to review hike in petroleum prices

LAHORE – The business community Saturday urged the government to revisit its recent decision of hike in the prices of POL (petroleum, oil and lubricants).

A delegation of Sialkot-based businessmen and exporters, led by Dr Nouman Idris Butt, made this demand in a meeting with Iftikhar Ali Malik, President of South Asian Association for Regional Cooperation-Chamber of Commerce and Industry (SAARC-CCI) here. On the occasion, Iftikhar Ali Malik observed that increase in the oil prices would depress supply of other goods as well as increase the cost of production. “Manufacturers will have no other option but to increase prices of their respective goods and services,” he added.

Malik urged the government to control POL prices which hit almost all sectors of economy as well as affect exports. He suggested the government freeze prices of petroleum products, gas and power tariffs for industries especially export-oriented industries to boost the industrial production.

 

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