Govt. urged to withdraw decision of hike in prices of petroleum products.

Islamabad -- The Federation of Pakistan Chambers of Commerce and Industry President Mian Anjum Nisar has urged the government to withdraw decision of hike in prices of petroleum products, as move will wipe up relief of markup rate cut announced for the industry recently.

In a statement issued here on Sunday, the chief of apex body of all Chambers and Trade Associations called for taking strict action against companies for not providing the petroleum products at lower prices, instead of surrendering before such elements in the larger interest of the country.

'It is good that the government took the ongoing issue of oil supply chain disruption as serious and tried its best to address the matter, which led to serious shortage in many parts of the country, but abrupt hike in prices of petroleum is not the right solution,' he argued.

Mian Anjum Nisar said that the step has taken the trade and industry by surprise because it was out of schedule and was not prompted by any summary moved by the Oil and Gas Regulatory Authority, which is the legal procedure.

He argued that that 6.25% drop in...