ISLAMABAD - Islamabad Chamber of Commerce and Industry (ICCI) has welcomed the action of the Chief Justice Mian Saqib Nisar for revising the prices of petroleum products and hoped that interference of SC in the matter would lead to positive outcome for the common as well as for the overall economy.
ICCI President Sheikh Amir Waheed said the caretaker government in a short span of time has made twice increase in the prices of petroleum products, a press release Friday said.
He urged the government for reducing taxes on these products in order to reduce the cost of doing business as well as making the local exports more competitive in the international markets.
He stressed the need for immediately withdrawing the hike in POL prices in the larger interest of the people and the national economy.
Naveed Malik Senior Vice President and Nisar Mirza, Vice President ICCI said that Pakistan was generating major share of electricity through furnace oil and increase in POL prices would make cost of manufacturing activities unviable for the private sector. They said increase in diesel price would further enhance transportation cost and create additional problems for the agriculture sector as most of the tube wells were running on diesel.
They urged the government for reducing the taxes on POL products that would facilitate the growth of business activities, promote exports, encourage investment, boost industrialization and accelerate the growth of economy.
