LAHORE  -   The trade and industry have condemned the government for increasing prices of petroleum products by up to Rs.6 per liter, terming it bad news for the country’s economy, as this hike in fuel rates would lead to increasing cost of production.

Pakistan Industrial and Traders Associations Front (PIAF) former Chairman Irfan Iqbal Sheikh said though the prices of oil in global market are going up yet the authorities can keep the rates stable by reducing tax ratio which is highest in the region.

The government in the start of this month increased the prices of petroleum products by up to Rs6 per litre for the month of April. The decision was taken in the wake of a slight increase in the international crude price and currency devaluation.