Businessmen slam hike in petroleum prices
See a drop in industrial growth and employment.
KARACHI:
Businessmen have called for a withdrawal of the increase in petroleum product prices to strengthen trade and industry and provide relief to common man.
In a statement on Friday, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Vice Presidents Khalid Tawab, Dawood Usman Jakhura and Muhammad Usman Shaikh stressed that without industrial growth, the country would be facing more economic and social problems.
Tawab said the government must work out long-term plans for petroleum prices, energy supply and revenue generation.
Jakhura stressed the importance of a strong economy and urged the Oil and Gas Regulatory Authority (Ogra) and the National Electric Power Regulatory Authority (Nepra) to take care of the economy.
Shaikh said that unemployment in the country was very serious and imposition of new taxes and increase in petroleum prices would further increase joblessness.
Sialkot Chamber of Commerce and Industry (SCCI) President Ghulam Mustafa Chaudhry also criticised Ogra’s decision to increase petroleum prices by up to 13 per cent, saying it would add to rising inflation and cost of industrial production which was already under pressure due to high electricity and gas rates.
The Kisan Board Pakistan also rejected the increase and urged the government to reduce prices to save the farmer community. Board President Sardar Zafar Hussain said that farmers would suffer during the wheat harvest and upcoming crop growing season due to the high cost of fuel.
Published in The Express Tribune, April 2nd, 2011.
Businessmen have called for a withdrawal of the increase in petroleum product prices to strengthen trade and industry and provide relief to common man.
In a statement on Friday, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Vice Presidents Khalid Tawab, Dawood Usman Jakhura and Muhammad Usman Shaikh stressed that without industrial growth, the country would be facing more economic and social problems.
Tawab said the government must work out long-term plans for petroleum prices, energy supply and revenue generation.
Jakhura stressed the importance of a strong economy and urged the Oil and Gas Regulatory Authority (Ogra) and the National Electric Power Regulatory Authority (Nepra) to take care of the economy.
Shaikh said that unemployment in the country was very serious and imposition of new taxes and increase in petroleum prices would further increase joblessness.
Sialkot Chamber of Commerce and Industry (SCCI) President Ghulam Mustafa Chaudhry also criticised Ogra’s decision to increase petroleum prices by up to 13 per cent, saying it would add to rising inflation and cost of industrial production which was already under pressure due to high electricity and gas rates.
The Kisan Board Pakistan also rejected the increase and urged the government to reduce prices to save the farmer community. Board President Sardar Zafar Hussain said that farmers would suffer during the wheat harvest and upcoming crop growing season due to the high cost of fuel.
Published in The Express Tribune, April 2nd, 2011.