Peshawar - Sarhad Chamber of Commerce and Industry president Fuad Ishaq has termed recent hike in prices of petroleum products as detrimental for the country’s economy and urged the government to withdraw the increase in the best interest of the businesses and national economy.
In a statement issued here on Friday, the SCCI chief said the government made an increase in petrol Rs13.55 per litre, which is completely unjust to the economy and people of the country. Fuad Ishaq said business, trade and industrial progress would be adversely affected after this increase in fuel prices. He said fuel, electricity and gas are being used as raw material for industries and with frequent increase in these would increase the cost of industrial production, and consequently all segments of society will hit hard and also impact negatively on the country’s economy.
The chamber president said that business and trade activities were already slowed down owing to inconsistent and impermanent government policies. He added that the current exorbitant increase in fuel, electricity and gas prices will bring the businesses to complete standstill situations. Fuad Ishaq said the policy to increase fuel prices after fortnight along-with hike in electricity and gas tariffs would further add to the miseries of business community and poor people.
Fuad Ishaq expressed anguish over supply of gas on low pressure to industrial, commercial and domestic consumers, stating that KP has surplus in gas production but despite that the gas is unavailable to consumers in the province.