RCCI shows deep concerns on hike in POL prices



Rawalpindi: The Rawalpindi Chamber of Commerce and Industry (RCCI) has denounced the government for making a massive hike of Rs35 per litre in petrol and diesel prices. RCCI President Saqib Rafiq in a statement termed it unprecedented and a very harsh decision that will unleash a new wave of inflation and cause a big increase in the cost of doing business. The inflation is already in double digits and rising prices would lead to a storm of inflation, he added.

He said that the government should end anti-business policies under the guise of economic recovery.

He said that the sharp rise in Petroleum price would badly squeeze the purchasing power of the common man, leading to a sharp decline in the growth of business activities. He said that the government should realize the economic hardship and provide relief to the masses. The increase in diesel prices will increase the transportation cost and affect the construction sector, the tourism sector is also in decline.

He said that the rate of inflation is close to 35% at present, the increase in petroleum prices will also increase the inflation rate.

Saqib Rafiq stressed that the government should focus on broadening the tax net and make drastic cuts in all non-development expenditures and provide some relief to inflation-stricken people. The business community is well aware of the economic challenges due to rupee depreciation, however, he urged that in these difficult times, the government should avoid taking such harsh decisions and focus on promoting ease of doing business to steer the economy out of current challenges.