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July 01, 2008
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Tuesday
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Jamadi-us-Sani 26, 1429
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FPCCI says hike in oil, gas prices to hit industry
By Our Reporter
LAHORE, June 30: The Federation of Pakistan Chambers of Commerce and Industry President Tanvir A Sheikh has said that raise in oil and gas prices would increase inflation, and the increased cost of production would affect competitiveness of the industry.Expressing concern over 10 per cent increase in prices of petrol, an equal increase in the price of kerosene and a 20 per cent increase in LPG prices, Mr Sheikh said it would further increase prevailing inflation.
The increase in cost of energy would raise cost of production of goods and affect exports. Moreover, fall in exports would force industry to dismiss workers.
He, however, appreciated the scrapping of policy of announcing oil prices twice a month. The government would now revise oil prices in consultation with Oil and Gas Regulatory Authority as and when required. He said taxes and levies on oil should be fixed on per litre basis instead of linking with prevalent prices.
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