ISLAMABAD - ICCI has criticised Economic Coordination Committee (ECC) decision to revise prices of petroleum products on weekly basis.

Yassar Sakhi Butt, President ICCI termed the ECC decision an inflation-push formula that would crush entire economic activity, therefore it would be wiser on the part of the Government if the prices are reviewed on quarterly basis rather than on weekly basis. He said that the ECC decision would negatively affect the trade and industry as well as general masses and make the lives of the people more difficult by doubling the inflation figures especially when there is no mechanism to check the inflated transport prices.

He said Pakistan had already lost a number of international markets due to higher cost of doing business and the ECC decision would make the Pakistani goods more uncompetitive.

He was of the view that ECC should consult the business community before making business-related decisions. He said that implantation of ECC decision of revising prices of petroleum products on weekly basis would create multiple problems for the trade and industry as business community would not be able to calculate return on investment when the cost of doing business would be fluctuating on weekly basis.

Yassar Sakhi Butt said that new petroleum policy should focus on enhancing oil and gas production in the country to seek a respite from the crippling oil import bills, and to ease domestic pains of the power and gas shortages.

He said that business community was surprised that instead of taking measures to provide relief by enhancing cheap power generation up to capacity, the policies are being evolved to add to the miseries of the business doing people. ICCI President urged the Government to reject ECC decision of revising prices of petroleum products on weekly basis in the larger interests of the economy.