Fluctuating Rates: ICCI slams rise in petroleum prices

Decision to revise prices of petroleum products on a weekly basis resulted in increase of Rs4.85 per litre for petrol

ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) criticised the decision to revise prices of petroleum products on a weekly basis that resulted in an increase of Rs4.85 per litre for petrol and Rs3.21 per kg for CNG on Friday. President ICCI Yassar Sakhi Butt said the decision would make it difficult for businessmen to calculate returns on investment because of fluctuating costs. He said a comparison with international oil prices is enough to make the point that local prices have registered massive increases in the last two years in comparison to global rates for oil. He said the increase in petroleum prices would aggravate the economic crisis. The transportation cost of goods will multiply and fares for public transport will also increase due to the increase in petrol,diesel and CNG prices.

Published in The Express Tribune, August 24^th, 2012.