LAHORE: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday has rejected hike in prices of petroleum products and electricity.
The government should immediately withdraw the increase in petroleum products and electricity prices to save the business and the people from further difficulties. Unfortunately, the government has created new problems for the commoner and the business community by increasing the prices of petroleum products. As a result, there will be a new wave of inflation in the country, and the declining purchasing power of the people will also affect business activities.
These views were expressed by Muhammad Nadeem Qureshi, Member Management Committee of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), during a meeting with a delegation of the All Pakistan Paper Merchants Association (APPMA) here at Regional Office Lahore.
Nadeem Qureshi rejected the increase in power prices along with the periodic hike in rates of petroleum products. He said the rise in power and fuel prices would increase the cost of production for the industrial section, which will impact the ease of doing business and exports.
He further said that in compliance with the conditions of IMF, the government had increased the price of petroleum products. Therefore, rising petrol and electricity prices will affect business activities and increase business costs. In addition, the recent increase in petroleum products will lead to a significant increase in freight rates.
He further said the government had dropped a new bomb on trade and industry when inflation and unemployment were at an all-time high. As a result, the economy was facing total collapse because of the government’s move.
On this occasion, the All Pakistan Paper Merchants Association (APPMA) delegation apprised the paper sector’s problem and gave suggestions for the solution to the issues.
Muhammad Nadeem Qureshi assured the delegation of APPMA of all possible cooperation of the FPCCI to solve the problems. Malik Ahad Amin, Chairman APPMA, Khamis Saeed Butt, Zahid Mahmood Butt, Khawaja Ilyas, Hassan Raza Sheikh, Mohammad Bashir, Mohammad Ilyas, Mughis Ahmed, and others also attended the meeting.
Copyright Business Recorder, 2022
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