The business community has criticised the government for making bulk increase in petroleum prices and termed it a very bad news for the country's economy which is already facing a number of challenges. Multan Chambers of Commerce and Industry (MCCI) called for withdrawal of increase in petroleum prices to strengthen the industry and trade activities, and provide some relief to the common man.
In a statement here Saturday, President MCCI, Shahid Naseem Khokhar said business community has been crying for reduction in power and gas tariffs along with their smooth supply and cut in POL prices so that the industry could grow and become cost competitive in the regional and international market.
Secretary General of All Pakistan Power Looms Association (APPLA), Khaliq Qandeel Ansari criticised increase in prices of petroleum products and termed it fatal for economic and industrial development. Addressing an emergency meeting, he said that the industry is already facing energy crisis and the present increase will inflict a colossal loss to business activities. He demanded government to immediately withdraw the increase in prices of petroleum products.
He pointed out that trade deficit has crossed $11 billion and claimed that exports orders amounting to billion of rupees had to be cancelled owing to electricity shortage. He pointed out that production cost has increased manifold and as a result, our products cannot compete in the international market. Ansari proposed that the government should create conducive atmosphere for initiating new businesses and promoting trade activities and cut down its expenditures to bridge the gap of budget deficit.
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