Worrisome: FCCI concerned over hike in petroleum prices

'The trickledown effect of this hike will hit a large number of population who are forced to live below poverty line'

FAISALABAD: The Faisalabad Chamber of Commerce and Industry (FCCI) has expressed concern over the repeated increase in petroleum prices, fearing that it will trigger a new wave of price hike in the country.

FCCI President Shabbir Hussain Chawla said the price hike will have an adverse impact on trade and industry, in addition to having a negative effect on the already dwindling exports.

“The trickledown effect of this hike will also hit a large number of our population who are forced to live below the poverty line,” he added.

The president was of the view that as soon as the economy gained some stability, the government took retrogressive steps to spoil its achievement, discouraging the business community in the process.

He said that during the last two months burden of at least Rs50 billion has been put on the public.

He added that increase of Rs5.98 per litre in diesel prices will increase the transportation cost. He urged the government to cut down its taxes in order to give needed relief to the masses.

Published in The Express Tribune, February 8^th, 2018.

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