Unprecedented oil price hike will unleash floodgates of inflation: RCCI


Rawalpindi /DNA/ – The Rawalpindi Chamber of Commerce and Industry (RCCI) has expressed deep concern over the rise in prices of petroleum products and demanded of the government to immediately review the prices.

The price of petrol has been increased from earlier Rs147.83 to Rs159.86 a litre; high-speed diesel from Rs144.62 to Rs154.15 a litre, kerosene from Rs116.48 per litre to Rs126.56, and LDO from Rs114.54 to Rs123.97 per litre.

In a statement, RCCI President Nadeem Rauf said that the business community was deeply concerned over the sharp rise in prices, adding that inflation was already in double digits and rising prices would lead to a storm of inflation. Petrol and diesel prices have a direct impact on transportation costs. The construction sector will be affected. Rising diesel prices will increase the cost of construction materials, he added.

The RCCI president underlined that people were facing difficulties due to the high inflation and the business community was struggling to recover from the impact of Covid-19 pandemic.

We demand the government to reverse the price hike, he said, adding that in order to reduce the import bill, it is necessary to promote alternative energy sources such as solar, wind and electric.