ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) has shown great concerns over the 5 to 11 percent hike in petroleum products prices and called upon the government to withdraw this increase urgently as it will have negative impact on business and economic activities and bring more problems for the common man.
Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry said that the inflation in December has already gone up to 4.6 percent due to increase in petroleum prices and regulatory duty and the recent hike in POL prices would further increase inflation that would cut the purchasing power of the consumers and lead to further slump in business activities.
He said the economy of Pakistan was already facing many challenges as trade deficit had increased by over 28 percent during the first five months of current fiscal year (July to November). He said the main cause of rising trade deficit was almost double growth in imports that went up by more than 21 percent during the first five months of current fiscal year compared to the same period of last year. In this scenario, giving 5 to 11 percent increase in POL products would further enhance the cost of doing business and affect exports.