The business community on Sunday rejected the massive hike in petroleum prices and demanded of the government to withdraw the decision with immediate effect. "We strongly reject the massive hike in petroleum prices and widely demand withdrawal of this decision since consecutive increases are adding to the distress of the business community in particular and the public in general," said Chairman Businessmen Panel (BMP) Mian Anjum Nisar.
The huge hike in POL price will affect every sector whether it is trade or export-oriented industry, he added. "It is not good news for Pakistan whenever oil goes up our economy suffers" "Though oil prices in the international market have gone up as compared to recent past but why is the government not bringing down the number and ratio of duties and taxes imposed on petroleum products besides reducing non-development expenditure of the state instead of imposing new taxes on POL prices and the yesterday FBR move is a novel example in this regard, he deplored. He said the industrial sector will be the immediate victim of the hike in POL prices as it is one of the major raw materials for industries.