RCCI expresses deep concern over rise in POL prices

RAWALPINDI, Nov 04 (SABAH): The Rawalpindi Chamber of Commerce and industry (RCCI) on Friday has expressed deep concern over the rise in prices of petroleum products and demanded that the government immediately review the prices and reverse the increase.

RCCI President Nadeem Rauf, said in a statement that the increase in prices would open the flood gates of inflation and added that the cost of doing business has increased manifold due to rise in POL price and rupee depreciation. The poor are already suffering from inflation and the burden on the business community has increased, he said.

Petrol price has gone up by Rs 8 to Rs 146, the highest level in the history. The price of diesel has gone up to Rs 143 and kerosene to around Rs 116 per liter. In just one month, prices have been increased by up to Rs 30 per liter, he commented.

Nadeem Rauf said that we have seen a decline in crude oil prices in global markets. In two weeks, it has dropped from $86 a barrel to $79  a barrel. The government should give relief to the people, he demanded.

Chamber President Nadeem Rauf said that petrol and diesel prices have a direct impact on transportation costs. The construction sector will be affected. Rising diesel prices increase the cost of construction materials, which will affect the construction sector and reduce commercial activity. Production costs have multiplied. The recent surge will affect the manufacturing sector, he added.

He said that the depreciation of the rupee has reduced the purchasing power of the industrialists, which is affecting local investment. We demand the government to reverse the price hike. He suggested that in order to reduce the import bill, it was necessary to promote alternative energy sources such as solar, wind and Electric. Imports could be reduced. He lamented that just yesterday the Prime Minister announced a relief package of Rs. 120 billion. On the other hand, oil prices have increased.