LAHORE - The Lahore Chamber of Commerce and Industry has feared of dire economic consequences if government increases the prices of petroleum products.

LCCI President Malik Tahir Javaid said that increase in petroleum prices at this critical stage when caretaker setup is going to hold the system, would add fuel to the fire and would give a big blow to the trade, industry and ultimately to the economy.

He said that economic indicators are not in the favour of economy. No sector would be left unaffected if government goes against the ground realities and increases POL prices.

The LCCI president said that it is not the industrial sector alone but the agriculture sector would also badly suffer from the increase in POL rates.

He said that Pakistan's agriculture sector is engine of growth.

 The increase in petroleum prices would increase the input cost of agriculture production as high speed diesel is being used in tractors, tube-wells, harvesters, thrashers and other agriculture machinery. Senior Vice President Khawaja Khawar Rashid and Vice President Zeshan Khalil said that the cost of thermal generation by private sector to go up.