The Lasbela Chamber of Commerce and Industry (LCCI) have rejected the increase in POL prices terming it a cruel act by the present government.
The President, LCCI, Yakoob Karim said that over 11 percent rise in petroleum prices would result in a big increase all industrial inputs, making country’s exports costlier, further losing precious export markets due to the inability of the exporters to compete for the neighbours in international markets.
Yakoob said the move will reduce the competitiveness of Pakistani goods in the international market and put the government’s initiatives in reverse for boosting exports. He said that POL price increase will also add to the complexities of the agriculture sector which is already in a bad state-of-affairs because of water scarcity and high input cost.
He demanded of the government to withdraw recent huge hike in POL prices to avert huge economic losses and to win the trust of trade, industry and masses otherwise anti-government sentiments would rise
He said that oil prices in the international market are not rising at the ratio of what the government is increasing at home. “Why comparison just for POL prices, why not in all economic sectors? Exports of India, Bangladesh and Turkey have been crossed $268.6 billion, $34.14 billion and $ 150.2 billion respectively while Pakistan is running with just around $20 billion, he added.