ISLAMABAD - Islamabad Chamber of Commerce & Industry (ICCI) has opposed the recent hike in petroleum, oil and lubricants prices and urged the government to withdraw it to save industry and trade. Industrial production has already been reduced due to power loadshedding while the raise in POL prices would further worsen the situation. ICCI President Yassar Sakhi Butt has stated this in a statement. He said that the government should consider reducing the petroleum levy rather than burdening the business community and the common man with the unprecedented increase in oil price. The increase in petroleum prices would add to the rising trend of inflation and the cost of industrial production that is already under heavy pressure because of higher electricity and gas charges, Butt opined. He called for a review into petroleum prices as common man as well as industry is severely suffering. He also stressed that the matter with the power producing companies should be sorted on priority basis as shortfall will be touching the figure of 10,000 MW if no steps are taken.