'POL Prices Hike A Big Blow To Trade, Industry & Masses'

Lahore Chamber of Commerce & Industry (LCCI) on Monday rejected the increase in POL (Petroleum, Oil and Lubricants) prices terming it a big blow to trade, industry and the people at large.

LAHORE, (UrduPoint / Pakistan Point News - 2nd Jul, 2018 ) :Lahore Chamber of Commerce & Industry (LCCI) on Monday rejected the increase in POL (Petroleum, Oil and Lubricants) prices terming it a big blow to trade, industry and the people at large.

LCCI President Malik Tahir Javaid said here that despite the OGRA (Oil and Gas Regulatory Authority) was well aware of the fact that trade, industry and masses could not run their business and other routine activities without the POL, the prices were increased frequently, which was unjustified and hence not acceptable.

He said that caretaker government should not have supported this unjustified move of OGRA that had added to the miseries of the business community, besides affecting the overall trade and economy. He added, "Why doesn't OGRA suggest government to reduce duties and taxes on petroleum products."The LCCI President said that increase in petroleum prices at this critical stage, would give a big blow to the trade, industry and ultimately to the economy, asserting that economic indicators were showing a concerning picture. No sector would be left unaffected if government did not withdraw recent hike in the prices of POL that was one of the basic raw materials for the industry and a must for keeping industrial wheel on the move.

He suggested, "Government should cut down non-development expenditures and reduce duties and taxes on the petroleum products to enable the industry to contribute substantially in country's economic uplift." Lahore Chamber's President said that hike in POL prices would also affect negatively the agriculture sector that was considered country's engine of growth.

LCCI Vice President Zeshan Khalil said that cost of thermal power generation by private sector would also go up, since a huge quantum of electricity was being produced through thermal means.

He mentioned that Lahore Chamber had since long been calling upon the authorities concerned to take measures for promotion of alternate fuels as trade deficit was widening due to heavy imports under the head of petroleum products.

They demanded of the caretaker government to withdraw the recent increase in POL prices in the larger interest of trade, industry and economy.