President Lasbela Chamber of Commerce and Industry (LCCI), Yakoob Karim has condemned the government's decision to increase petroleum prices once again in a short span of time. He said that the present government is constantly making cruel decisions to raise petroleum and other utilities prices to increase the woes of masses in order to continue with its lavish expenses instead of reducing its luxuries. He emphasized to cut down government luxuries.
He said that increasing Rs 5.96 is a cruel act and will break the backbone of common men and the economy would be extremely overburdened. He said that how exporters would meet their commitment in the international market as they would be unable to continue manufacturing due to high price of industrial inputs.
Another industrialist said petroleum prices were already at the highest level and any further increase would prove the last straw that breaks the camel's back. He said the increase would hit all sectors of the economy that would jack up the inflation and result in hike in mark-up rates and disturb the entire economic cycle.
If the fuel would be heavily taxed the entire economy would suffer and the same had already happened in Pakistan as the repeated increases in the POL prices had ruined the industrial and economic activities.
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