FPCCI opposes gas, power, petroleum products hike in prices

KARACHI: Federation of Pakistan Chamber of Commerce & Industry FPCCI Monday opposed recent gas, power and petroleum products prices increase and said it would lead to high cost of production.

FPCCI President Haji Ghulam Ali says it would directly affect manufacturers already hard hit by continued load shedding of gas and electricity besides weak rupee against dollar. Overall it would reduce the industrial production and lead to cut in export orders, he stated.

Meanwhile, Vice President SAARC Chamber of Commerce & Industry Iftikhar Ali Malik said industry already were facing energy crisis and hike in power, gas, petroleum products prices would squeeze liquidity.

High power, gas, petroleum prices created liquidity crunch for importers of industrial raw materials.

He suggested that keeping in view business scenario around the world, high mark up rate by banks be also reduced to single digit in order to provide relief to the industry.

Copyright PPI (Pakistan Press International), 2011