ICCI slams further hike in POL prices

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Islamabad: The Islamabad Chamber of Commerce and Industry has slammed the recent hike in the prices of petroleum products and called upon the government to withdraw its decision as it increasing the prices of POL products twice in a short span of time would unleash a new wave of inflation in the country.
It would put more burden on the common man and badly affect the growth of trade and industrial activities.
Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry said that government was already charging 31 percent GST on high speed diesel and Rs.10 on per liter of petrolas petroleum development surcharge due to which the consumers were paying many times high prices on POL products.
He said the recent hike in POL prices would further enhance the cost of doing business as manufacturing, movement of raw materials and trading goods will become costly. He said the industrial sector will be the immediate victim of the hike in POL prices as it was one of the major raw materials for industries.
Muhammad Naveed Senior Vice President and Nisar Mirza Vice President, Islamabad Chamber of Commerce & Industry stressed that government should immediately withdraw the recent hike in POL prices.

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