FPCCI strongly condemns recent increase in the prices of petroleum products

Lahore :The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has strongly condemned recent increase in the prices of petroleum products and urged the government to immediately withdraw recent increase in prices of petroleum products.

Ch. Arfan Yousaf, Regional Chairman and Vice President FPCCI expressed serious concerns over the recent hike in the prices of petroleum products and said that this will increase the cost of production and Pakistani products will suffer in competitiveness.

He said manufacturing concerns and export-oriented industries will further suffer for the decision. Our exports already had a declining trend due to the high cost of business while increase in fuel prices will further disturb the situation. FPCCI is demanding immediate withdrawal of increase in fuel prices. He said that repeated increase in oil prices in recent past has badly eroded Pakistan’s competitiveness due to which the country is losing attraction for investment and this situation would further destabilize the economy.

Arfan said that the industry was already under immense pressure to turn the wheel and keep up the production while the government is making such decisions without any justification.

He said that increase in POL price sharply affects the cost of every commodity and raw materials especially the export oriented industry becomes unable to meet its commitments abroad due to increased overheads.

He added a huge population is living below the poverty line. The increase in POL prices has come as a big shock for poor people, industrialist and traders which will have hefty negative impact on the inflation stricken masses and the fragile economy. The general public which is under tremendous pressure will be burdened further by rising prices of all essential items.

Talking about the whole impacts The Chairman said, POL price increase would also affect the country’s agriculture sector, citing that hike in petroleum prices would increase the input cost of agriculture production as high speed diesel was being used in tractors, tube-wells, harvesters, and other agriculture machinery. While, cost of thermal generation of electricity by captive power plants would also go up, he added.