Govt urged to reject proposal

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

The LCCI office-bearers demanded the government to move wisely and turn down any suggestion of increase in POL prices.

Increase in petroleum prices at this critical stage, when caretaker setup is going to hold the system, would add fuel to the fire and would give a big blow to the trade, industry and ultimately to the economy, they said.

Economic indicators are not good. No sector would be left unaffected if the government goes against the ground realities and increases POL prices, which is one of the basic raw materials for the industry and a must for trade and economic activities.

“The government should cut down non-development expenditures instead of dropping petrol bomb on the trade and industry, which was already struggling for survival.”

“The industry would not be able to contribute in economic uplift of the country if anti-industry decision is taken,” they said, adding that though oil prices in the international market are on the rise, but instead of passing this surge to the trade, industry and masses, the government should cut the number of taxes and duties levied on petroleum products.