Increase in POL prices outright extortion: MCCI vehemently criticises

The trade and industry have termed the unjustified increase in POL prices as outright extortion, which is meant to ruin the economy. In a statement issued here on Saturday President of MULTAN Chamber of Commerce & Industry (MCCI) Shahid Naseem Khokhar said that government has once again taken a cruel act of increasing POL prices, terming that the government's move is just like stabbing in the back of the country's economy.
"At that juncture when the oil prices had gone to the world's highest at $147 per barrel, the prices of POL did not cross the level of Rs 60 per litre and now when the oil prices are prevailing at less than $80 per barrel, the present government has brought the prices to over Rs 80 per litre, which is sheer injustice to the nation and the economy", Khokhar said adding that it clearly shows the POL price increase in Pakistan has no relation with the international oil prices especially when the country produces about 20 to 25 per cent oil indigenously.
He said that the present government is implementing the agreement signed by the former Finance Minister, Shaukat Aziz under which he committed to the IMF to bring the POL prices to over Rs 80 per litre disregarding the oil prices fluctuation internationally. He termed the increase in oil prices to cripple the economy and make the people's lives miserable, demanded to withdraw this unjustified and unpopular decision. He said that the government is increasing POL prices, power and gas tariffs and other utilities' prices blindly and heartlessly under the IMF dictation totally ignoring the plight of industry and the general masses.