The Lahore Chamber of Commerce and Industry on Saturday rejected the Economic Co-ordination Committee (ECC) decision to revise fuel prices twice a month and urged the government to implement policy of quarterly review of petroleum prices. LCCI President Irfan Qaiser Sheikh termed the ECC decision an inflation-push formula that would crush the entire economic activity therefore it would be wiser on the part of the government if the prices are reviewed after every three months.
LCCI President was of the view that at this point in time when the energy-related street protests, industrial closures and resultant massive layoffs are order of the day, the ECC should have weighed options and methodologies to bring economic normalcy in the country but unfortunately it had done the other way round.
Sheikh said that the LCCI has repeatedly appealed to the government to announce special incentives for the trade and industry to boost economic activity in the country but nothing happened so far. He said that the implementation of ECC new fuel fixation formula would create multiple problems for the trade and industry as the business community would not be able to calculate return on investment when the cost of doing business would be fluctuating after every fifteen days.
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