LCCI slams likely raise in POL prices

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has feared of dire economic consequences, if the government increases the prices of petroleum products that are already high and pinching the trade and industry, a statement said on Saturday.

LCCI Senior Vice President Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal said that the increase would add fuel to the fire and would give a big blow to the trade, industry and ultimately to the economy.

Indicators are not in the favour of economy. No sector would be left unaffected, if the government goes against the ground realities and increase the prices of POL products, which are one of the basic raw materials for the industry and a must for trade and economic activities, they said.

“The government should cut down non-development expenditures instead of dropping petrol bomb on the trade and industry, which is already struggling for survival. The industry would not be able to contribute in the economic development of the country, if anti-industry decision is taken,” the LCCI office-bearers said.