LCCI urging govt to withdraw hike in POL prices

LAHORE: Lahore Chamber of Commerce and Industry (LCCI) Monday urged the government to withdraw the hike in POL (petroleum, oil and lubricants) prices as the current economic condition did not allow for such measures.

LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rasheed and Vice President Zeshan Khalil said this in a statement, issued here.

They said the POL price hike would directly and indirectly affect the industrial sector and industrial production and transportation of raw materials and trading goods would be more costly and reduce the competitiveness of Pakistani goods in the international market and put the government's initiatives in reverse for boosting exports.

The LCCI office-bearers said POL price increase would also affect the country's agriculture sector, citing that hike in petroleum prices would increase the input cost of agriculture production as high speed diesel was being used in tractors, tube-wells, harvesters, and other agriculture machinery. While, cost of thermal generation of electricity by private sector would also go up, they added.