Hike in fuel prices will adversely impact cost of doing business: LCCI

LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) has raised concerns regarding the recent hike in petroleum prices, stating that it will significantly impact the cost of doing business in the country.

In a joint statement, LCCI President Kashif Anwar, Senior Vice President Zafar Mahmood Ch, and Vice President Adnan Khalid Butt highlighted the adverse effects of the price increase on various sectors of the economy.

The LCCI officials pointed out that the surge in petroleum prices would lead to a ripple effect on transportation and energy costs, ultimately affecting the end consumers. With the country already grappling with inflation and devaluation for the past two years, the burden of higher fuel prices will further burden the population and businesses alike.

To counter the challenges posed by escalating petroleum costs, the LCCI urged the government to prioritize the promotion of alternative energy sectors, particularly by incentivizing the solar sector. Emphasizing the need to shift towards electric vehicles and reduce reliance on imported fuels, the LCCI called on the government to formulate policies that facilitate the transition to cleaner and sustainable energy sources.

While acknowledging the government’s efforts to improve the business environment and reduce the cost of doing business, the LCCI office-bearers expressed apprehensions that the recent price hike could hamper these initiatives. They urged the authorities to take swift measures to mitigate the impact of rising fuel prices on businesses and citizens, ensuring the sustainable growth of the economy.

The global surge in petroleum prices has been a matter of concern for many economies, including Pakistan. As an energy-importing nation, Pakistan is particularly vulnerable to fluctuations in international oil prices. The LCCI’s call for focusing on alternative energy sources aligns with the broader global movement towards sustainable development and reducing carbon emissions.

The business community, representing various industries and sectors, has urged the government to consider the long-term implications of increasing fuel prices on economic growth and stability. By supporting the development and adoption of renewable energy solutions, the government can not only help businesses reduce their operational costs but also contribute to a greener and cleaner Pakistan.

They said the Lahore Chamber of Commerce & Industry’s concerns over the hike in petroleum prices reflect the challenges faced by businesses and consumers in Pakistan. The call for prioritizing alternative energy sources and electric vehicles resonates with the need for sustainable development and reducing the country’s dependence on imported fuels. Collaborative efforts between the government and private sector will be essential in mitigating the impact of rising fuel prices and fostering a conducive business environment for economic growth and prosperity.

Copyright Business Recorder, 2023