FAISALABAD, Nov 22: The Faisalabad Chamber of Commerce and Industry (FCCI) has demanded withdrawal of decision about 7.6 per cent increase in gas rates.

The demand was made at a meeting of the newly-elected members of the FCCI executive committee here on Saturday.

It was discussed during the meeting that the prices of petroleum products and gas were declining in the international market; on the contrary fuel rates were being increased in Pakistan, creating a plethora of problems for industrialists, traders and the public at large.

Participants in the meeting feared cancellation of export orders which would further shrink foreign exchange reserves. They also expressed concern at the rising markup rates.

The entrepreneurs unanimously said if the government did not withdraw the decision, they would adopt a line of action whereby “keys of industries would be handed over to banks”.