ICCI slams massive hike in the prices of POL products - Press Release issued by Islamabad Chamber of Commerce and Industry.

Islamabad -- January 30, 2023 (PPI-OT)

Following is the text of press release issued by Islamabad Chamber of Commerce and Industry (ICCI)

Quote

Faad Waheed, Acting President, Islamabad Chamber of Commerce and Industry (ICCI) said that the government has made massive hike of Rs.35 per litre in one go in the prices of petrol and diesel that would unleash a new wave of high inflation for the common man and further increase the cost of doing business making our exports uncompetitive in the international markets. He said that the fall of over 34 rupees in the value of our currency against dollar and 35 rupees hike in the prices of petrol and diesel would create a ripple effect as it would badly squeeze the purchasing power of people, reduce growth of business activities making it more difficult to revive the dwindling economy.

He said that the price of petrol has jumped to almost Rs.250/litre and diesel to around Rs.263/litre taking these prices to the record highest level in the country's history. He said that this unprecedented hike in POL prices would multiply the energy cost and further increase the cost of doing business due to which trade and industrial activities would badly suffer. He said that diesel is used in transportation and agricultural sectors while a big jump in its price would increase transportation cost of goods and agricultural products causing more inflation, especially for low-income people. Moreover, the hike in the price of petrol would also increase transport fares that would bring more misery to the already inflation-stricken people.

ICCI Acting President said that an artificial shortage of petrol and diesel is being created in the market as the oil marketing companies (OMCs) are not distributing them to the petrol pumps and this situation can cause unnecessary panic in the market. He urged that the...