Business

Oil price increase to trigger new wave of inflation: ICCI

Says the decision that will spark a new wave of inflation and badly hurt growth of business activities

Our Correspondent July 03, 2018

Later on July 1, the caretaker administration again increased the price of petrol by Rs7.54 per litre, diesel by Rs14 and kerosene oil by Rs3.36. PHOTO: EXPRESS

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) has protested against the second consecutive increase in prices of petroleum products by the caretaker government in its short tenure, terming it an unfortunate decision that will spark a new wave of inflation and badly hurt growth of business activities.

Petrol price hiked to Rs99.5 per litre

In a statement, ICCI President Sheikh Amir Waheed said the caretaker government on June 11 had hiked the price of petrol by Rs4.26 per litre, diesel by Rs6.55 and kerosene oil by Rs4.46.

Later on July 1, the caretaker administration again increased the price of petrol by Rs7.54 per litre, diesel by Rs14 and kerosene oil by Rs3.36.

Petroleum price hike challenged in LHC

"It has so far made a cumulative increase of Rs11.80 per litre in petrol price, Rs20.55 in diesel price and Rs7.82 in kerosene oil price, which is unjustified," he said.

Published in The Express Tribune, July 3^rd, 2018.

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