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Businessmen condemn fuel price to travel on foot

ISLAMABAD:

Businessmen criticized the governments decision make a massive trip of 30 rub per liter in Prices of petroleum products that are highest- ever increase in one go.

They called it very tough decision to untie new wave of inflation in country and cause significant increase in Production cost.

Meeting speech of Islamabad chamber of Executive Director of the Chamber of Commerce and Industry (ICCI) body ICCI President Muhammad Shakeel Munir said that decision will have a multiplier effect on retail prices of products that make life of common human more unhappy and squeeze his purchases power, leading to extremely negative impact. on in growth of business activities.

The head of the ICCI called government immediately review your decision and go for gradual increase in Prices of oil products to rescue enterprises and people from dire consequences.

price of gasoline jumped to almost 180 rupees per liter, and diesel to over 174 rubles per liter.

Munir was of in view what an unprecedented hike in Oil prices will multiply energy and transport costs and further increase cost of does business.

“This decision will lead to the next trip in electricity price how share of fuel in our energy balance over 31%”.

ICCI President also said central bank It was already increased policy rate by 150 basis points, bringing it to 13.75%, which made credit cost Not available for in business community.

“Recent Campaign in oil prices will make our products more uncompetitive in in international market and affect our exports.”

In these difficult times he stressed government should avoid taking tough measures and focusing on promoting ease of does business to rule economy out of in current challenges.

ICCI Senior Vice President Jamshaid Akhtar Sheikh and Vice President Muhammad Fahim Khan noted out that gasoline price gone up from 106 rupees per liter to about 180 rupees and diesel price rose from 110 rubles per liter to over 174 rubles from January 1, 2021.

He showed an increase of almost 70% and 58% in petrol and diesel prices respectively in Period of just 17 months they said and called government revise latest to travel on foot in fuel prices to save business and economy from further trouble.

Published in Express Tribune, 28 May.th2022.

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Derrick Santistevan
Derrick Santistevan
Derrick is the Researcher at World Weekly News. He tries to find the latest things going around in our world and share it with our readers.

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