POL price hike to hit industry, trade: LCCI

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) on Saturday criticised the increase in petroleum products which it said, would affect trade and industry and raise the inflation ratio further.

LCCI President Irfan Qaiser Sheikh, SVP Kashif Younas Mehar and VP Saeeda Nazar said that the recent increase in POL prices would have adverse impact on industrial sector as cost of raw materials and transportation of goods would increase while exports would also decline.

They said the industry was already facing multiple problems and the recent increase would aggravate the economic situation.

The raise in petroleum prices would also raise the input cost of agriculture production as high speed diesel is being used in tractors, tube-wells, harvesters, rice-thrasher and other agriculture machinery they added.

The chamber's office-bearers observed that had any major dam including Kalabagh Dam been constructed, the power situation would have been quite satisfactory because of the availability of cheaper electricity. The LCCI, they said, had since long been calling for promotion of alternate energy resources.

Copyright APP (Associated Press of Pakistan), 2011