LCCI opposes suggestions for increase in POL prices

LAHORE: Lahore Chamber of Commerce and Industry (LCCI) has demanded the government reject any suggestion for increase in petroleum products (petrol, oil and lubricants or POL) prices.

In a statement issued here on Thursday, LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid and Vice President Zeshan Khalil said that any increase in POL prices would badly affect the industrial, trade, economic and social activities.

The LCCI office-bearers said that though oil prices in the international market are on the rise, instead of passing this burden to the trade, industry and masses, the government should cut the number of taxes and duties levied on petroleum products. They said that it is not the industrial sector alone but the agriculture sector would also be affected badly.

They said that Pakistan agriculture sector is an engine of growth. The increase in petroleum prices would increase the input cost of agriculture production as high speed diesel is being used in tractors, tube-wells, harvesters, thrashers and other agriculture machinery. They said that the cost of thermal generation by private sector to go up.