peshawar   -  The business community on Friday rejected the unprecedented increase in prices of petroleum products and urged the government to revise its anti-masses decision while keeping in view the fragile position of businesses, industries, and the economy of the country.

These types of decisions would prove detrimental to the already feeble national economy, warned Hasnain Khurshid, president of the Sarhad Chamber of Commerce and Industry, according to a statement issued by SCCI.

The SCCI chief said the whopping increase in prices of petroleum commodities would escalate the cost of industrial production, bringing a fresh wave of inflation in the country.

He also noted the purchasing power of common men has already weakened owing to unprecedented price-hike, adding that the poverty-stricken people would further be hit hard by the government’s unwise move. He termed the fresh hike of Rs 30 per liter in petrol prices as venomous for the country’s economy and anti-business and anti-industry. Mr. Khurshid observed that the country confronted a severe economic crunch and turmoil while the business community faced countless difficulties during the prevailing scenario. The businesses and industries were not only difficult but impossible to run because of the present economic policies.

The SCCI president stressed that it is essential to take relief measures to support the fragile economy, businesses, and industries of the country. However, he noticed the frequent increase in prices of electricity, gas, and petroleum products was tantamount to pushing the fragile economy towards a complete collapse.

Mr. Khurshid viewed that most of the factories’ owners are compelled to shut their units in the prevalent scenario that would trigger massive unemployment in the country. He observed every segment of society has been adversely affected owing to increasing price-hike daily.