Hike in petroleum prices to create more problems for economy: Businessmen.

ISLAMABAD -- The Islamabad Chamber of Commerce and Industry (ICCI) has resented yet another increase by the government in the prices of petroleum products and termed it an unwise decision that would go against the interests of businesses and the general public giving rise to more inflation and high cost of doing business.

It would ultimately make it more difficult for the business community to revive the business and economic activities in the country, it said. Sardar Yasir Ilyas Khan, president Islamabad Chamber of Commerce and Industry, said that the people and businesses were already struggling to combat the impact of Covid-19 pandemic and in these tough conditions, increasing price of petrol by Rs.3.20 and diesel by Rs.2.95 per litre would create more problems for the economy. He said that the government was also preparing to increase electricity tariff, which would put additional burden on the common man and the businesses. He said that the repeated hikes in POL products prices and utility tariffs would shatter the confidence of investors as they needed predictable and consistent policies and tariffs to make investment in Pakistan.

ICCI president said that in the prevailing difficult circumstances, people and businesses were looking towards some relief measures from the government as was done by the governments around the world to save their nations from deep troubles. Therefore, it was the need of the hour that the government should have considered making cut in power tariffs and prices of POL products to bring down...