FAISALABAD, Oct 18: Local Chamber of Commerce and Industry president Mian Naimur Rahman has warned the federal government that if the oil companies continued increasing the price of furnace oil, industries like cement and sugar and power plant would cease functioning.

In a statement here on Thursday, the FCCI chief pointed out that prices of heavy furnace oil had been reduced in the country by 3.8 per cent only as compared to 35 per cent cut all over the world.

“In order to keep momentum of our trade at par with the international market, we must follow the ups and downs in the global scene,” he added.

He said the signatories to the World Trade Organization (WTO) had settled oil prices in their countries in conjunction with the rise and fall in international market.

He apprehended that Pakistan’s business share in the world was on verge of losing place in international exchequer which could lead to reduction of foreign exchange in the country.

The FCCI chief appealed to the president Gen Pervez Musharraf and petroleum minister Usman Aminuddin to take cognizance of the situation to pull the country out of yet another recession. He also urged them to devise a comprehensive policy meant to provide relief to industrialists.